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(H2) Bearish Trend Sequence

  • RES 4: 133.530 High Dec 29
  • RES 3: 133.278 50-day EMA
  • RES 2: 133.250 High Jan 24 and key short-term resistance
  • RES 1: 132.837 20-day EMA
  • PRICE: 132.160 @ 05:10 GMT Feb 2
  • SUP 1: 132.000 Round number support
  • SUP 2: 131.940 3.00 proj of the Nov 30 - Dec 8 - 20 price swing
  • SUP 3: 131.746 3.236 proj of the Nov 30 - Dec 8 - 20 price swing
  • SUP 4: 131.627 3.382 proj of the Nov 30 - Dec 8 - 20 price swing

A sharp sell-off Monday in Bobl futures resulted in a break of support at 132.40, the Jan 19 low and a bear trigger. The breach confirms a resumption of the underlying downtrend and resumes the bearish price sequence of lower lows and lower highs. Moving averages also point south. Attention is on the 132.00 handle and 131.940, a Fibonacci projection. Key resistance has been defined at 133.250, the Jan 24 high.

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