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(H4) Bear Cycle Remains In Play

BOBL TECHS
  • RES 4: 117.880 High Feb 5
  • RES 3: 117.730 High Feb 7
  • RES 2: 117.287 50-day EMA
  • RES 1: 116.865 20-day EMA
  • PRICE: 116.080 @ 05:39 GMT Feb 28
  • SUP 1: 115.920 Low Feb 23 and the bear trigger
  • SUP 2: 115.739 Lower 2.0% Bollinger Band
  • SUP 3: 115.820 Low Nov 24
  • SUP 4: 115.650 Low Nov 14

A bearish cycle in Bobl futures remains in play and last week’s extension lower reinforces current conditions. The contract is also trading closer to its recent lows. The move down confirms a resumption of the bear cycle that started Dec 27 and sights are on 115.820, the Nov 24 low. On the upside, initial firm resistance is seen at 116.865, the 20-day EMA, ahead of 117.287, the 50-day EMA. Short-term gains are considered corrective.

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