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(H3) Bull Cycle Still In Play

BOBL TECHS
  • RES 4: 118.427 61.8% retracement of the Dec 7 - Jan 2 downleg
  • RES 3: 118.000 Round number resistance
  • RES 2: 117.895 50.0% retracement of the Dec 7 - Jan 2 downleg
  • RES 1: 117.630 High Jan 6
  • PRICE: 117.290 @ 05:00 GMT Jan 10
  • SUP 1: 116.740 Low Jan 6
  • SUP 2: 116.540 Low Jan 4 and a key short-term support
  • SUP 3: 116.030 Low Jan 3
  • SUP 4: 115.640 Low Jan 2 and the bear trigger

Bobl futures are trading closer to last week’s highs and a bullish tone remains intact. The contract has cleared the 20-day EMA and this break strengthens the current bull cycle, signalling potential for an extension higher near-term. Attention is on 117.895 next, a Fibonacci retracement. The current bull cycle is considered corrective. Initial firm support to watch lies at 116.540, the Jan 4 low. A break of this level would signal a reversal.

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