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(U1) Pullback Extends

BOBL TECHS
  • RES 4: 134.758 1.382 proj of the May 20 - 26 - 31 price swing
  • RES 3: 134.663 1.236 proj of the May 20 - 26 - 31 price swing
  • RES 2: 134.510 1.00 proj of the May 20 - 26 - 31 price swing
  • RES 1: 134.390 High Jun 15
  • PRICE: 134.090 @ 05:04 BST Jun 17
  • SUP 1: 133.970 Low Jun 2
  • SUP 2: 133.860 Low May 28 and 31 and key short-term support
  • SUP 3: 133.690 Low May 24
  • SUP 4: 133.450 Low May 20 and the bear trigger

Bobl futures maintain a softer tone and price remains below recent highs. The recent pullback is still considered corrective however there is scope for further short-term weakness. Price is back below the 20-day EMA and attention turns to support at 133.860, the May 28 and 31 low. A break of this level would strengthen a bearish case. On the upside, key resistance has been defined at 134.510, a Fibonacci projection and the Jun 11 high.

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