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(M4) Trend Set-Up Remains Bearish

BOBL TECHS
  • RES 4: 118.100/118.310 High Apr 12 / High Mar 27
  • RES 2: 117.620 High Apr 19
  • RES 3: 117.260 High Apr 23
  • RES 1: 117.077 20-day EMA
  • PRICE: 116.750 @ 05:32 BST May 3
  • SUP 1: 116.230 Low May 1
  • 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 Tuesday’s move lower reinforces this condition. The contract traded to a fresh cycle low of 116.230 yesterday. Key support at 117.200, Feb 29 low, has recently been cleared, confirming a resumption of the primary downtrend. Sights are on 116.135, a Fibonacci projection. First resistance to watch is 117.077, the 20-day EMA. A break of this average would signal scope for a stronger short-term correction.

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