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(U2) Downtrend Remains Intact

  • RES 4: 124.490 High Jun 3
  • RES 3: 124.190 High Jun 9
  • RES 2: 123.471 20-day EMA
  • RES 1: 122.390 High Jun 15
  • PRICE: 121.560 @ 05:16 BST Jun 20
  • SUP 1: 119.940 Low Jun 16
  • SUP 2: 119.590 4.00 proj of the May 12 - 18 - 26 price swing
  • SUP 3: 119.050 Low Jul 29 2011 (cont)
  • SUP 4: 118.420 Low Jul 27 2011

Bobl futures remain soft and the primary downtrend remains intact. Fresh cycle lows last week reinforce bearish conditions. The recent breach of 124.840, May 6 low also confirmed a resumption of the bear cycle and maintains the broader bearish price sequence of lower lows and lower highs. The focus is on 119.590 next, a Fibonacci projection. Initial firm resistance is still seen at 123.471, the 20-day EMA.

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