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(H1) Bearish Cycle Dominates

BOBL TECHS
  • RES 4: 135.150 High Feb 11 and key resistance
  • RES 3: 135.859 20-day EMA
  • RES 2: 134.850 High Feb 15
  • RES 1: 134.790 Low Feb 5 and Feb 18 high
  • PRICE: 134.420 @ 04:55 GMT Feb 22
  • SUP 1: 134.411 Lower 2.0% Bollinger band
  • SUP 2: 134.319 76.4% retracement of the Jun - Nov 2020 rally
  • SUP 3: 134.417 1.236 proj of Dec 11-Jan 12 sell-off from Jan 27 high
  • SUP 4: 133.790 Low Jun 5, 2020 (cont)

Bobl futures maintain a bearish tone and markets registered a fresh low print at 134.480. Early last week, prices traded below through key support and bear trigger at 134.790, Feb 5 low. The break strengthens a bearish argument and confirms a resumption of the underlying downtrend. Attention is on 134.417 next, a Fibonacci projection. Initial resistance is seen at 134.790. The Feb 11 high of 135.150 marks the key trend resistance.

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