May 10, 2024 07:18 GMT
(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.
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