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(M3) Short-Term Bear Cycle Extends

BOBL TECHS
  • RES 4: 119.621 76.4% retracement of the Mar 20 - Apr 19 downleg
  • RES 3: 119.190 High Apr 6
  • RES 2: 119.120 High May 4 and key short-term resistance
  • RES 1: 118.610/119.020 High May 16 / 11
  • PRICE: 117.820 @ 05:34 BST May 18
  • SUP 1: 117.750 Low May 17
  • SUP 2: 117.370 Low May 2
  • SUP 3: 116.890 Low Apr 28
  • SUP 4: 116.420 Low Apr19 and the bear trigger

Bobl futures traded lower again Wednesday and a short-term corrective cycle remains in play. The contract has breached support at 117.930, the May 10 low. The break signals scope for an extension lower and opens 117.370, the May 2 low. On the upside, key short-term resistance has been defined at 119.120, the May 4 high where a break is required to reinstate the recent bullish theme.

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