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(H3) Short-Term Trend Needle Points South

  • RES 4: 119.086 76.4% retracement of the Dec 7 - Jan 2 downleg
  • RES 3: 118.880 High Jan 19 and the bull trigger
  • RES 2: 117.725/118.670 50-day EMA / High Feb 2
  • RES 1: 117.460 High Feb 9
  • PRICE: 117.020 @ 05:20 GMT Feb 10
  • SUP 1: 116.760 Low Feb 8
  • SUP 2: 116.540 Low Jan 4
  • SUP 3: 116.405 76.4% retracement of the Jan 2 - 19 bull run
  • SUP 4: 116.030 Low Jan 3

Bobl futures maintain a weaker tone following the reversal lower from 118.670, the Feb 2 high. Key short-term support at 117.020, the Jan 30 low, has been breached. The break of this level reinforces bearish conditions and signals scope for an extension towards 116.405, a Fibonacci retracement. On the upside, the resistance to watch is at 117.725, the 50-day EMA. A break above this average would ease bearish pressure.

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