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(U2) Trend Needle Still Points South

  • RES 4: 124.147 20-day EMA
  • RES 3: 124.190 High Jun 9
  • RES 2: 122.600/123.280 High Jun 13 / High Jun 10
  • RES 1: 121.660 High Jun 14
  • PRICE: 120.790 @ 05:05 BST Jun 15
  • SUP 1: 120.520 Low Jun 14
  • SUP 2: 120.480 3.50 proj of the May 12 - 18 - 26 price swing
  • SUP 3: 120.270 3.618 proj of the May 12 - 18 - 26 price swing
  • SUP 4: 120.000 Psychologicals round number

Bobl futures remain soft with a fresh low print registered again yesterday. The downtrend continues to accelerate and this signals scope for a continuation lower. The recent breach of 124.840, May 6 low confirmed a resumption of the primary downtrend and has maintained the bearish price sequence of lower lows and lower highs. The focus is on 120.480 next, a Fibonacci projection. Initial firm resistance is still seen at 124.147, the 20-day EMA.

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