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(H4) Bear Cycle Still 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: 118.154 20-day EMA
  • PRICE: 117.690 @ 05:33 GMT Jan 23
  • SUP 1: 117.310 Low Jan 19
  • 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 the contract is trading closer to its recent lows. 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 a bearish condition. Key resistance and the bull trigger is 119.830, the Dec 27 high. Initial firm resistance to watch is 118.590, the Jan 12 high.

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