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(H1) Corrective Pullback

BOBL TECHS
  • RES 4: 135.825 1.500 proj of Nov 11 - 30 rally from Dec 2 low
  • RES 3: 135.787 76.4% retracement of the Nov 4 - 11 sell-off (cont)
  • RES 2: 135.758 1.382 proj of Nov 11 - 30 rally from Dec 2 low
  • RES 1: 135.700 High Dec 11
  • PRICE: 135.510 @ 04:38 GMT Dec 16
  • SUP 1: 135.390 Low Dec 10 and key near-term support
  • SUP 2: 135.230 Low Dec 4
  • SUP 3: 134.970 Low Dec 2 and the bear trigger
  • SUP 4: 134.870 Low Nov 11

BOBL futures remain bullish despite still trading below recent highs. The rally Dec 7 resulted in a break of resistance at 135.440, Nov 30 high. This negated the recent bearish focus and instead confirmed a resumption of the bullish leg that started Nov 11. This move paves the way for a climb towards 135.758 next, a Fibonacci projection. Key support has been defined at 134.970, Dec 2 low. Initial firm support lies at 135.390, Dec 10 low.

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