(H4) Trend Needle Points North

• RES 4: 120.460 1.00 proj of the Nov 24 - Dec 7 - 8 price swing
• RES 3: 120.130 High Mar 24 (cont)
• RES 2: 120.000 Psychological round number
• RES 1: 119.832 0.764 proj of the Nov 24 - Dec 7 - 8 price swing
• PRICE: 119.510 @ 07:38 GMT Jan 04
• SUP 1: 118.820 Low Jan 02
• SUP 2: 118.776 20-day EMA
• SUP 3: 117.800 Low Dec 8 and a key support
• SUP 4: 117.510 Low Dec 4

A bull cycle in Bobl futures remains in play despite the modest weakness off last week’s high. The recovery into yesterday’s close and early strength Thursday further plays into the theme. Recent appreciation confirms, once again, a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on 119.832, a Fibonacci projection point. On the downside, key short-term support is unchanged at 117.800, the Dec 8 low. A short-term pullback would be considered corrective.