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(M2) Corrective Cycle Still In Play

BOBL TECHS
  • RES 4: 129.350 High Apr 4 and a reversal point
  • RES 3: 128.830 High Apr 7
  • RES 2: 128.650 50-day EMA
  • RES 1: 128.380 High May 12
  • PRICE: 127.930 @ 05:05 BST May 16
  • SUP 1: 126.770/126.010 Low May 11 / Low May 6 and a bear trigger
  • SUP 2: 126.00 Round number support
  • SUP 3: 125.450 0.618 proj of the Mar 7 - 29 - Apr 4 price swing
  • SUP 4: 125.260 Low Apr 24 20014 (cont)

Bobl futures continue to trade above recent lows and the contract is holding onto the bulk of last week’s gains. Price remains above the 20-day EMA and has recently probed resistance at 128.650, the Apr 14/28 high. A continuation higher would signal scope for a test of the 50-day EMA at 128.686. Gains are considered corrective and the primary trend direction remains down. A resumption of weakness would refocus attention on key support at 126.010.

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