May 30, 2024 05:02 GMT
(M4) Bear Cycle Extends
BOBL TECHS
- RES 4: 117.880 High Apr 15
- RES 2: 117.620 High Apr 19
- RES 3: 117.083/440 High 50-day EMA / High May 16
- RES 1: 116.593 20-day EMA
- PRICE: 115.840 @ 05:43 BST May 30
- SUP 1: 115.710 Low May 29
- SUP 2: 115.410 2.00 proj of the Mar 8 - 18 - 27 price swing
- SUP 3: 115.250 Low Oct 23 2023 (cont)
- SUP 4: 115.130 Low Oct 19 2023 (cont)
A downtrend in Bobl futures remains intact and yesterday's sell-off and fresh cycle low reinforces current conditions. The move down confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. This opens 115.410 next, a Fibonacci projection. On the upside, initial firm resistance is seen at 116.593, the 20-day EMA. Key resistance and the reversal trigger is at 117.440, the May 16 high.
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