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(M4) Corrective Cycle Remains In Play

BOBL TECHS
  • RES 4: 119.000 Round number resistance
  • RES 3: 118.790 High Feb 15
  • RES 2: 118.560 Low Feb 15 and a gap high on the daily chart
  • RES 1: 118.330 High Mar 5
  • PRICE: 118.030 @ 05:45 GMT Mar 7
  • SUP 1: 117.680 Low Mar 4
  • SUP 2: 117.440 Low Mar 1
  • SUP 3: 117.200 Low Feb 29 and the bear trigger
  • SUP 4: 117.000 Round number support

A bearish cycle in Bobl futures remains intact, however, a correction remains in play for now and this signals scope for an extension higher near-term. The contract has pierced resistance at 118.270, the Feb 26 high. A continuation higher would open 118.790, the Feb 15 high. On the downside, key support has been defined at 117.200, the Feb 29 low. A break of this level would confirm a resumption of the downtrend.

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  • RES 4: 119.000 Round number resistance
  • RES 3: 118.790 High Feb 15
  • RES 2: 118.560 Low Feb 15 and a gap high on the daily chart
  • RES 1: 118.330 High Mar 5
  • PRICE: 118.030 @ 05:45 GMT Mar 7
  • SUP 1: 117.680 Low Mar 4
  • SUP 2: 117.440 Low Mar 1
  • SUP 3: 117.200 Low Feb 29 and the bear trigger
  • SUP 4: 117.000 Round number support

A bearish cycle in Bobl futures remains intact, however, a correction remains in play for now and this signals scope for an extension higher near-term. The contract has pierced resistance at 118.270, the Feb 26 high. A continuation higher would open 118.790, the Feb 15 high. On the downside, key support has been defined at 117.200, the Feb 29 low. A break of this level would confirm a resumption of the downtrend.