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(U4) Corrective Cycle Remains In Play

BOBL TECHS
  • RES 4: 116.750 High May 16 and the bull trigger
  • RES 2: 116.420 High May 17
  • RES 3: 116.351 76.4% retracement of the May 16 - 31 bear leg
  • RES 1: 116.160 High Jun 4
  • PRICE: 116.020 @ 05:43 BST Jun 6
  • SUP 1: 115.640 Low May 31
  • SUP 2: 115.320 Low Jun 3
  • SUP 3: 115.060 Low May 31 and the bear trigger
  • SUP 4: 115.000 Round number support

A primary downtrend in Bobl futures remains intact and recent gains appear to have been a correction. The contract has traded through the 20-day EMA and the next resistance to watch is 116.351, a Fibonacci retracement point. A break of this level would signal scope for a stronger extension, towards key resistance at 116.750, the May 16 high. For bears, a reversal lower would refocus attention on key short-term support at 115.060, the May 31 low.

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