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(M2) Trades Above Its 20-Day EMA As A Correction Extends

BOBL TECHS
  • RES 4: 129.350 High Apr 4 and a reversal point
  • RES 3: 128.830 High Apr 7
  • RES 2: 128.310 High Apr 14/28 and a key near-term resistance
  • RES 1: 127.780 Intraday high
  • PRICE: 127.560 @ 05:07 BST May 12
  • SUP 1: 126.010 Low May 6 and the 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 trading above recent lows. The contract is holding onto this week’s gains and price has trade above the 20-day EMA. Gains however are considered corrective. Fresh cycle lows last week reinforced the primary downtrend and maintained the bearish price sequence of lower lows and lower highs. Moving average studies continue to point south, highlighting current sentiment. Key S/T trend resistance is at 128.310, the Apr 14/28 high.

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