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(H4) Bear Cycle Remains In Play

BOBL TECHS
  • RES 4: 119.640 High Jan 4
  • RES 3: 119.00 Round number resistance
  • RES 2: 118.590 High Jan 12 and a key short-term resistance
  • RES 1: 118.291 20-day EMA
  • PRICE: 117.430 @ 05:42 GMT Jan 19
  • SUP 1: 117.420 Intraday low
  • SUP 2: 117.060 Low Dec 1
  • SUP 3: 117.000 Round number support
  • SUP 4: 116.830 Low Nov 29

A bearish corrective cycle in Bobl futures remains intact and this week’s move lower reinforces a bear theme. The break of support at 117.800, the Dec 8 low, highlights potential for a deeper pullback, exposing 117.060, the Dec 1 low, Note that the 50-day EMA has also been cleared, reinforcing the bearish condition. Key resistance and the bull trigger is 119.830, the Dec 27 high. Initial resistance to watch is 118.590, the Jan 12 high.

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