Free Trial

(M4) Recent Gains Appear To Be A Correction

BOBL TECHS
  • RES 4: 118.100/118.310 High Apr 12 / High Mar 27
  • RES 2: 117.620 High Apr 19
  • RES 3: 117.538 50-day EMA
  • RES 1: 117.300 High May 7
  • PRICE: 117.020 @ 08:10 BST May 10
  • SUP 1: 116.650/230 Low May 3 / Low Apr 30
  • 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

A downtrend in Bobl futures remains intact and the latest bounce appears to be a correction. The contract traded to a fresh cycle low of 116.230 on Apr 30. Key support at 117.200, the Feb 29 low, has recently been cleared, confirming a continuation of the primary downtrend. A resumption of the trend would open 116.135, a Fibonacci projection. Resistance to watch is 117.538, the 50-day EMA. A clear break of it would be viewed as a bullish signal.

163 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • RES 4: 118.100/118.310 High Apr 12 / High Mar 27
  • RES 2: 117.620 High Apr 19
  • RES 3: 117.538 50-day EMA
  • RES 1: 117.300 High May 7
  • PRICE: 117.020 @ 08:10 BST May 10
  • SUP 1: 116.650/230 Low May 3 / Low Apr 30
  • 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

A downtrend in Bobl futures remains intact and the latest bounce appears to be a correction. The contract traded to a fresh cycle low of 116.230 on Apr 30. Key support at 117.200, the Feb 29 low, has recently been cleared, confirming a continuation of the primary downtrend. A resumption of the trend would open 116.135, a Fibonacci projection. Resistance to watch is 117.538, the 50-day EMA. A clear break of it would be viewed as a bullish signal.