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(M2) Primary Trend Remains Down

BOBL TECHS
  • RES 4: 129.350 High Apr 4 and a reversal point
  • RES 3: 128.830 High Apr 7
  • RES 2: 128.413 50-day EMA
  • RES 1: 128.380 High May 12
  • PRICE: 127.300 @ 05:15 BST May 23
  • SUP 1: 126.610/126.010 Low May 18 / 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 are unchanged. Price, on May 12, probed resistance at 128.310, the Apr 14/28 high. A resumption of strength and a clear breach of 128.310 would signal scope for a test of the 50-day EMA at 128.413. Short-term gains would be considered corrective however - the primary trend direction remains down. A resumption of weakness would refocus attention on key support at 126.010.

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