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(H3) Short-Term Bounce Extends

BOBL TECHS
  • RES 4: 117.720 High Dec 16
  • RES 3: 117.470 High Dec 20
  • RES 2: 117.250 High Jan 04
  • RES 1: 117.218 20-day EMA
  • PRICE: 117.150 @ 08:36 GMT Jan 4
  • SUP 1: 115.640 2.50 proj of the Dec 7 - 12 - 13 price swing
  • SUP 2: 115.458 2.618 proj of the Dec 7 - 12 - 13 price swing
  • SUP 3: 115.233 2.764 proj of the Dec 7 - 12 - 13 price swing
  • SUP 4: 152.000 Round number support

Bobl futures have recovered further off recent lows and the contract has accelerated higher today. Gains are considered corrective and the overarching trend outlook remains bearish. This follows the sell-off in December. The extension lower signals scope for 115.458 next, a Fibonacci projection. On the upside, initial resistance is seen at 116.730, the Dec 23 high. The 20-day EMA intersects at 117.218 - which has been pierced, and a close above would signal scope for a stronger bounce.

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