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(H1) Gains Considered Corrective

BOBL TECHS
  • RES 4: 135.380 High Jan 5
  • RES 3: 135.350 High Jan 15
  • RES 2: 135.242 50-day EMA
  • RES 1: 135.210 High Jan 21
  • PRICE: 135.140 @ 04:55 GMT Jan 25
  • SUP 1: 134.930 Low Jan 22
  • SUP 2: 134.840 Low Jan 12 and a bear trigger
  • SUP 3: 134.775 61.8% of the Jun - Nov rally (cont)
  • SUP 4: 134.760 Low Sep 10, 2020 (cont)

BOBL futures traded lower Jan 21 and cleared support at 135.035, 61.8% of the rally between Jan 12 - 15. The move lower undermines the recent bullish theme and instead highlights scope for a pullback towards key support at 134.840, the Jan 12 low. A break of this level would reinforce bearish conditions. On the upside, resistance is at 135.210, Jan 21 high. A break would ease bearish pressure.

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