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BOBL TECHS: (Z4) Resistance Remains Intact For Now

BOBL TECHS
Fixed Income Technical AnalysisBundesbankCentral Bank NewsCEEMEAEurozoneGermanyBulletGlobalFixed Income BulletsRegionMarkets
  • RES 4: 120.905 1.50 retracement proj of the Aug 5 - Sep 3 bear leg
  • RES 3: 120.722 1.382 retracement proj of the Aug 5 - Sep 3 bear leg  
  • RES 2: 120.496 1.236 retracement proj of the Aug 5 - Sep 3 bear leg    
  • RES 1: 120.230 High Sep 11 and the bull trigger                      
  • PRICE: 119.830 @ 07:13 BST Sep 26
  • SUP 1: 119.575/340 20-day EMA / Low Sep 20       
  • SUP 2: 119.210 61.8% retracement of the Sep 3 - 11 rally  
  • SUP 3: 119.030 Low Sep 4    
  • SUP 4: 118.580 Low Sep 3 and key support 

A bullish condition in Bobl futures remains intact, however, a short-term corrective cycle is potentially still in play for now. Recent weakness has resulted in a print below the 20-day EMA and this signals scope for a deeper retracement. The next support to watch is 119.210, a Fibonacci retracement. The contract has recovered from its latest lows, a stronger bounce would expose key resistance and the bull trigger at 120.230, the Sep 11 high.                  

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  • RES 4: 120.905 1.50 retracement proj of the Aug 5 - Sep 3 bear leg
  • RES 3: 120.722 1.382 retracement proj of the Aug 5 - Sep 3 bear leg  
  • RES 2: 120.496 1.236 retracement proj of the Aug 5 - Sep 3 bear leg    
  • RES 1: 120.230 High Sep 11 and the bull trigger                      
  • PRICE: 119.830 @ 07:13 BST Sep 26
  • SUP 1: 119.575/340 20-day EMA / Low Sep 20       
  • SUP 2: 119.210 61.8% retracement of the Sep 3 - 11 rally  
  • SUP 3: 119.030 Low Sep 4    
  • SUP 4: 118.580 Low Sep 3 and key support 

A bullish condition in Bobl futures remains intact, however, a short-term corrective cycle is potentially still in play for now. Recent weakness has resulted in a print below the 20-day EMA and this signals scope for a deeper retracement. The next support to watch is 119.210, a Fibonacci retracement. The contract has recovered from its latest lows, a stronger bounce would expose key resistance and the bull trigger at 120.230, the Sep 11 high.