(M4) Trend Conditions Remains Bearish

• RES 4: 119.050 High Feb 8
• RES 2: 118.790 High Feb 15 and Mar 8 and the bull trigger
• RES 3: 118.460 High Mar 12
• RES 1: 117.794/118.310 20-day EMA / High Mar 27
• PRICE: 117.330 @ 05:45 BST Apr 12
• SUP 1: 117.200/160 Low Feb 29 and the bear trigger / Low Apr 11
• SUP 2: 117.000 Round number support
• SUP 3: 116.740 High Mar 5 (cont)
• SUP 4: 116.518 1.236 proj of the Mar 8 - 18 - 27 price swing

A bearish threat in Bobl futures remains present and this week’s move lower reinforces current conditions. Key support to watch lies at 117.200, the Feb 29 low. It has been pierced, a clear break would confirm a continuation of the downtrend that started early December last year. This would open 116.740, the Mar 5 high (cont). For bulls, a break of resistance at 118.310, the Mar 27 high, would instead highlight a short-term reversal.