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(M4) Trend Direction Remains Down

BOBL TECHS
  • RES 4: 118.460 High Mar 12
  • RES 2: 118.100/118.310 High Apr 12 / High Mar 27
  • RES 3: 117.620 High APr 19
  • RES 1: 117.237 20-day EMA
  • PRICE: 116.610 @ 05:50 BST Apr 29
  • SUP 1: 116.270 Low Apr 25
  • SUP 2: 116.135 1.50 proj of the Mar 8 - 18 - 27 price swing
  • SUP 3: 115.964 1.618 proj of the Mar 8 - 18 - 27 price swing
  • SUP 4: 115.752 1.764 proj of the Mar 8 - 18 - 27 price swing

The downtrend in Bobl futures remains intact and the contract traded to a fresh cycle low last week. Key support at 117.200, the Feb 29 low, has recently been cleared, strengthening the bearish theme and fresh trend lows last week confirm a continuation of the downtrend. Sights are on 116.135, a Fibonacci projection. For bulls, a break of resistance at 118.310, Mar 27 high, would highlight a reversal. First resistance is 117.237, 20-day EMA.

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