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(M4) Corrective Bull Cycle Remains In Play

BOBL TECHS
  • RES 4: 119.050 High Feb 8
  • RES 2: 118.790 High Feb 15 and Mar 8 and the bull trigger
  • RES 3: 118.460 High Mar 12
  • RES 1: 118.310 High Mar 27
  • PRICE: 118.190 @ 05:48 GMT Mar 28
  • SUP 1: 117.600/340 Low Mar 21 / 18
  • SUP 2: 117.200 Low Feb 29 and the bear trigger
  • SUP 3: 117.000 Round number support
  • SUP 4: 116.740 High Mar 5 (cont)

Bobl futures continue to trade above their recent lows. The latest recovery appears to be a correction, however, the current bull cycle remains intact and a continuation higher would expose key resistance at 118.790, the Feb 15 / Mar 8 high. For bears, a reversal lower would open the key support and bear trigger at 117.200, the Feb 29 low. Clearance of this level would confirm a continuation of the downtrend that started early December last year.

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