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(H1) Attention Is On Support

BOBL TECHS
  • RES 4: 135.610 High Dec 15
  • RES 3: 135.497 76.4% retracement of the Dec 11 - Jan 12 downleg
  • RES 2: 135.480 High Jan 27
  • RES 1: 135.370 High Jan 29
  • PRICE: 135.200 @ 05:00GMT Feb 2
  • SUP 1: 135.150 Low Feb
  • SUP 2: 135.120 Low Jan 25 and key intraday support
  • SUP 3: 134.930 Low Jan 22
  • SUP 4: 134.840 Low Jan 12 and a bear trigger

BOBL futures rallied Jan 27 to confirm a clear breach of 135.350, Jan 15 high. Despite the recent pullback, the rally reinforces a bullish theme and signals scope for a climb to 135.497, a Fibonacci retracement. Clearance of 135.497 would strengthen a bullish case for gains towards 135.700, the Dec 11 high. Initial support is seen at 135.120, Jan 25 low. A break would undermine the positive price structure and expose 134.970, Jan 22 low.

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