BOBL TECHS: (U5) Bearish Outlook

Aug-22 05:27

RES 4: 117.710 High Aug 5 and a key resistance
RES 3: 117.640 High Aug 7
RES 2: 117.494 50-day EMA
RES 1: 117.410 High Aug 21
PRICE: 117.160 @ 06:06 BST Aug 22
SUP 1: 116.950 Low Aug 15
SUP 2: 116.840 1.00 proj of the Jun 13 - Jul 11 - 22 price swing
SUP 3: 116.800 Low Mar 17 (cont)
SUP 4: 116.637 76.4% retracement of the Mar 6 - Apr 7 bull leg (cont)

A bearish theme in Bobl futures remains intact and recent gains appear to have been corrective. A strong sell-off on Aug 15 highlights the bearish threat and moving average studies are in a bear-mode position. The contract has pierced support at 116.970, the Jul 25 low and a bear trigger. A clear breach of this level would set the scene for an extension towards 116.849, a Fibonacci projection. Key short-term resistance is 117.494, the 50-day EMA.

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Historical bullets

BOBL TECHS: (U5) Key Near-Term Resistance Remains Exposed

Jul-23 05:25

RES 4: 118.390 High Jun 13 and a key resistance
RES 3: 118.109 76.4% retracement of the Jun 13 - Jul 11 bear leg
RES 2: 118.060 High Jun 20 and a key near-term resistance
RES 1: 118.030 High Jul 22
PRICE: 117.890 @ 06:09 BST Jul 23
SUP 1: 117.667 20-day EMA
SUP 2: 117.450 Low Jul 18
SUP 3: 117.200 Low Jul 11 and the bear trigger
SUP 4: 117.000 Round number support

Bobl futures traded higher again, on Tuesday and the contract maintains a firmer short-term tone. Sights are on a key near-term resistance at 118.060, the Jun 20 high. A break of this hurdle would strengthen a bullish theme and signal scope for an extension towards 118.390, the Jun 13 high. Key support and the bear trigger has been defined at 117.200, the Jul 11 low. Initial firm support is seen at 117.450, the Jul 18 low.

LOOK AHEAD: UK Timeline of Key Events (Times BST)

Jul-23 05:23

Date	UK	Period	Event
24-Jul	0930	Jul	S&P Global Flash PMI
24-Jul	1100	Jul	CBI Industrial Trends
25-Jul	0001	Jul	Gfk Monthly Consumer Confidence
25-Jul	0700	Jun	Retail Sales
28-Jul	1100	Jul	CBI Distributive Trades
29-Jul	0001	Jul	BRC Monthly Shop Price Index
29-Jul	0930	Jun	BOE Lending to Individuals / M4
01-Aug	0930	Jul	S&P Global/ CIPS UK Final Manufacturing PMI
05-Aug	0930	Jul	S&P Global/ CIPS UK Final Services PMI
06-Aug	0930	Jul	S&P Global/CIPS Construction PMI
07-Aug	1200	---	Bank Of England Interest Rate
07-Aug	1230	---	BOE Press Conference
07-Aug	1400	Jul	Decision Maker Panel data
12-Aug	0001	Jul	BRC-KPMG Shop Sales Monitor
12-Aug	0700	Jun/Jul	Labour Market Survey
14-Aug	0700	Q2 / Jun	GDP / Services / Production / Trade / Construction

LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)

Jul-23 05:18

Date	Time	Country	Event
23-Jul	1500	EU	Consumer Confidence Indicator (p)
24-Jul	0700	DE	GFK Consumer Climate
24-Jul	0745	FR	Manufacturing Sentiment
24-Jul	0800	ES	PPI
24-Jul	0815	FR	S&P Global Flash PMI
24-Jul	0830	DE	S&P Global Flash PMI
24-Jul	0900	EU	S&P Global Flash PMI
24-Jul	1315	EU	ECB Decision
24-Jul	1345	EU	ECB Press Conference
25-Jul	0745	FR	Consumer Sentiment
25-Jul	0900	EU	M3
25-Jul	0900	IT	ISTAT Consumer Confidence
25-Jul	0900	IT	ISTAT Business Confidence
25-Jul	0900	DE	IFO Business Climate Index
25-Jul	1400	BE	BNB Business Confidence
29-Jul	0800	ES	GDP (p)
29-Jul	0900	EU	ECB Consumer Expectations Survey

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