April 30, 2024 04:38 GMT
(M4) Corrective Gains
BOBL TECHS
- RES 4: 118.460 High Mar 12
- RES 2: 118.100/118.310 High Apr 12 / High Mar 27
- RES 3: 117.620 High APr 19
- RES 1: 117.203 20-day EMA
- PRICE: 116.920 @ 05:17 BST Apr 30
- SUP 1: 116.270 Low Apr 25
- SUP 2: 116.135 1.50 proj of the Mar 8 - 18 - 27 price swing
- SUP 3: 115.964 1.618 proj of the Mar 8 - 18 - 27 price swing
- SUP 4: 115.752 1.764 proj of the Mar 8 - 18 - 27 price swing
The downtrend in Bobl futures remains intact and the latest recovery appears to be a correction. The contract traded to a fresh cycle low last week. Key support at 117.200, the Feb 29 low, has also recently been cleared, strengthening the bearish theme and confirming a continuation of the downtrend. Sights are on 116.135, a Fibonacci projection. First resistance to watch is 117.203, 20-day EMA.
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