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(H4) Bearish Trend Structure

BOBL TECHS
  • RES 4: 119.228 76.4% retracement of the Dec 27 - Jan 25 bear leg
  • RES 3: 119.000 Round number resistance
  • RES 2: 118.856 61.8% retracement of the Dec 27 - Jan 25 bear leg
  • RES 1: 117.538/118.660 20-day EMA / High Feb 1
  • PRICE: 117.180 @ 05:37 GMT Feb 15
  • SUP 1: 116.620 Low Feb 13 / 14
  • SUP 2: 116.390 Low Nov 28
  • SUP 3: 116.110 1.00 proj of the Dec 27 - Jan 25 - Feb 1 price swing
  • SUP 4: 115.820 Low Nov 24

A bearish cycle in Bobl futures remains intact and the latest bounce appears to be a correction. Recent weakness resulted in a breach of key support and the bear trigger at 117.280, the Jan 25 low. The clear break confirms a resumption of the bear cycle that started Dec 27 and sights are on 116.390, the Nov 28 low. On the upside, key short-term resistance has been defined at 118.660, the Feb 1 high. A break would be a bullish development.

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