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(M1) Bearish Breakout Cemented

BOBL TECHS
  • RES 4: 135.180 High Apr 14
  • RES 3: 135.050 High Apr 22
  • RES 2: 135.040 High May 6
  • RES 1: 134.881 20-day EMA
  • PRICE: 134.400 @ 16:56 BST May 12
  • SUP 1: 134.390 Low May 12
  • SUP 2: 134.140 Low Feb 26 and key support
  • SUP 3: 134.000 Round number support
  • SUP 4: 133.340 Low Mar 19, 2020 (cont)

Bobl futures extended recent weakness to hit new cycle lows of 134.390 Wednesday This further confirms a resumption of the bearish cycle that started Mar 25. The break lower and resumption of weakness signals scope for a move towards end-Feb lows next, with support layered between 134.00-134.14. Clearance of this level would open markets to further losses toward the 2020 lows. Key resistance is at 135.040, May 6 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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