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(M1) Extends This Week's Recovery

BOBL TECHS
  • RES 4: 135.180 High Apr 14
  • RES 3: 135.061 50-day EMA and key short-term resistance area
  • RES 2: 135.050 High Apr 22
  • RES 1: 134.990 High May 4
  • PRICE: 134.950 @ 05:17 BST May 5
  • SUP 1: 134.690 Low May 4
  • SUP 2: 134.560 Low May 3
  • SUP 3: 134.466 76.4% retracement of the Feb 26 - Mar 25 rally
  • SUP 4: 134.140 Low Feb 26 and key support

Bobl futures traded higher yesterday however despite this week's gains, a downtrend remains intact and gains are considered corrective. Price has cleared the 20-day EMA. The area around the 50-day EMA at 135.061 marks a key near-term resistance area. A resumption of weakness would once again open 134.466, a Fibonacci retracement. Clearance of the 50-day EMA though would alter the picture and highlight a stronger S/T bullish outlook.

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