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Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
(M3) Remains Above Support
- RES 4: 120.130 High Mar 24
- RES 3: 119.621 76.4% retracement of the Mar 20 - Apr 19 downleg
- RES 2: 119.190 High Apr 6
- RES 1: 118.530/119.120 High May 8 / 4
- PRICE: 118.180 @ 05:20 BST May 9
- SUP 1: 118.010 Low May 8
- SUP 2: 117.840 20-day EMA
- SUP 3: 117.370 Low May 2
- SUP 4: 116.890/420 Low Apr 28 / 19 and the bear trigger
A recovery in Bobl futures last week reinforces a bullish theme and the most recent pullback is considered corrective. The contract last week cleared 118.030, the Apr 26 high, and this confirmed a resumption of the bull cycle that started Apr 19. The focus is on a climb towards 119.190 next, the Apr 6 high and 119.621, a Fibonacci retracement. Key support has been defined at 116.420, the Apr 19 low. Initial firm support is at 117.840, the 20-day EMA.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.