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MNI European Morning FI Technical Analysis 

25 August 2017
By Kyle Shortland
Please click on this link to access MNI's daily European FI Technical Analysis
Pdf - http://tinyurl.com/nhjogts
BUND TECHS: (U17) Below Channel Base Presures 163.16-00
*RES 4: 165.93 Monthly High Apr 18
*RES 3: 165.55 Monthly High June 14
*RES 2: 165.44 High June 26
*RES 1: 164.90 Highs Aug 23 & 24
*PREVIOUS CLOSE: 164.67
*SUP 1: 164.66 Low Aug 24
*SUP 2: 164.59 Hourly resistance Aug 23 now support
*SUP 3: 164.28 Daily Bull channel base
*SUP 4: 164.00 Hourly support Aug 18
*COMMENTARY: Hesitation at 164.90 leaves a double daily top is place which is
less than ideal for bulls who now need a close above 164.90 to reconfirm the
bullish bias and retain focus on 165.44.93. In saying that, bears need a close
below 164.59 to ease bullish pressure and below the daily bull channel base off
July 28 lows to shift focus back to 163.16-00 where key DMAs are clustered.
Waning momentum and modestly O/S studies remain a concern for bulls.
BOBL TECHS: (U17) Bears Need Close Below 132.89
*RES 4: 133.29 Daily Bull channel top B 
*RES 3: 133.26 Monthly High June 12 
*RES 2: 133.12 Daily Bull channel top A 
*RES 1: 133.05 High Aug 24
*PREVIOUS CLOSE: 132.99
*SUP 1: 132.94 Low Aug 24
*SUP 2: 132.89 High Aug 21 now support
*SUP 3: 132.75 Low Aug 22
*SUP 4: 132.65 Low Aug 18
*COMMENTARY: Bullish pressure took its toll with a break higher Wednesday that
shifted bullish focus to tests of 133.26 June highs. Daily studies lingering
around O/B remains the concern for bulls. The 132.89 support remains key. Bears
look for a close below 132.89 to confirm an easing of bullish pressure and shift
focus back to 132.48-132.77 where a bull channel base, 21 & 100-DMAs are
located.
SCHATZ TECHS: (U17) 112.215 Support Remains Key
*RES 4: 112.310 Daily Bull channel top 
*RES 2: 112.300 High Apr 24 now support, Bull channel top 
*RES 1: 112.290 Monthly High May 30 
*RES 1: 112.240 High Aug 24, Bollinger band top
*PREVIOUS CLOSE: 112.225
*SUP 1: 112.215 Hourly support Aug 23 
*SUP 2: 112.185 Low Aug 23 
*SUP 3: 112.175 Low Aug 22 
*SUP 4: 112.160 Daily Bull channel base
*COMMENTARY: Sideways trading 112.130-190 ended with bullish closes above
112.190 that sees bulls focused on 112.290-340 where May highs and the bull
channel top are located. The Bollinger band top is the key concern for bulls
with potential to limit follow through. Initial support is noted at 112.215 with
bears needing a close below to ease immediate bullish pressure and hint at a
correction back to 112.130-185 where the bull channel base & 21-DMA are noted.
GILT TECHS: (U17) Below 127.76 To Ease Bullish Pressure
*RES 4: 129.01 High June 15 
*RES 3: 128.68 High June 21 
*RES 2: 128.56 Bollinger band top 
*RES 1: 128.24 High Aug 11
*PREVIOUS CLOSE: 128.12
*SUP 1: 127.95 Hourly support Aug 24 
*SUP 2: 127.76 Hourly resistance Aug 22 now support 
*SUP 3: 127.49 Low Aug 22 
*SUP 4: 127.22 Low Aug 16
*COMMENTARY: Bears failed to capitalise on pressure on the 127.49 support with
the pair bouncing back towards the 128.24 resistance. Bulls need a close above
128.24 to reconfirm the bullish bias and initially target 128.68-129.19. Bears
continue to look for close below 127.76 to ease pressure on 128.24 and below
127.49 to shift immediate focus to 126.85-127.22 where key DMAs are clustered.
SHORT-STERLING TECHS: (Z17) 99.620 & 99.650 Levels Remain Key
*RES 4: 99.690 2017 Highs June 12 & 13
*RES 3: 99.674 Bollinger band top
*RES 2: 99.670 Daily Bull channel top
*RES 1: 99.650 High June 21 & Aug Repeatedly
*PREVIOUS CLOSE: 99.640
*SUP 1: 99.630 Repeated Daily Lows Aug
*SUP 2: 99.624 21-DMA
*SUP 3: 99.620 Low Aug 8 & 9
*SUP 4: 99.600 Low Aug 4
*COMMENTARY: The 99.650 resistance continues to cap attempts to break for a
fresh leg higher targeting 99.690 2017 highs. Initial support is noted at 99.630
but bears still look for a close below 99.620 to shift focus back to 55 &
100-DMAs 99.587-598. The Bollinger top (99.674) remains the key concern for
bulls with potential to limit follow through on a break higher.
EURIBOR TECHS: (H18) Bollinger Top Capping
*RES 4: 100.360 - High Oct 6 
*RES 3: 100.330 - High Oct 19 
*RES 2: 100.318 - Bollinger band top 
*RES 1: 100.315 - 2017 High Aug 22
*PREVIOUS CLOSE: 100.310
*SUP 1: 100.300 - Low Aug 11 - 16, 21-DMA
*SUP 2: 100.286 - 55-DMA
*SUP 3: 100.285 - Repeated daily lows Aug
*SUP 4: 100.275 - Alternating daily support/resistance
*COMMENTARY: Pressure remains on recent 2017 highs with the Bollinger band top
capping and modestly O/B daily studies correcting also a concern and weighing a
little. In saying that, bears still need a close below the 21-DMA to ease
bullish pressure and below the 55-DMA to signal a correction that initially
targets the 100-DMA (100.272). While the 21-DMA supports bull target
100.330-370.
US 10-YR FUTURE TECHS: (U17) Bears Need Close Below 126-200
*RES 4: 127-080 - Monthly High June 14 
*RES 3: 127-070 - 200-WMA 
*RES 2: 127-010 - High Aug 18, Bollinger band top 
*RES 1: 126-300 - High Aug 23
*PRICE: 126-220 @ 0430GMT
*SUP 1: 126-200 - Hourly resistance Aug 22 now support
*SUP 2: 126-160 - Low Aug 23
*SUP 3: 126-130 - 21-DMA
*SUP 4: 126-110 - Low Aug 17
*COMMENTARY: Bears failed to capitalise on Tuesday's sell-off with the
aggressive rally and bullish close retaining immediate focus on 127-010/120
where June highs and the bull channel top are located. Layers of support remain,
adding support to the bullish case. Bears need a close below 126-200 to ease
bullish pressure and return focus to layers of support 126-050-160 where the 21
& 55-DMAs & bull channel base are located.
US 10-YR YIELD TECHS: Focus Remains on 2017 Low
*RES 4: 2.264 - Hourly support Aug 16 now resistance 
*RES 3: 2.250 - Alternating hourly support/resistance 
*RES 2: 2.229 - Hourly resistance Aug 17 
*RES 1: 2.206 - Hourly support Aug 23 now resistance
*PRICE: 2.190 @ 0430GMT
*SUP 1: 2.173 - Low Aug 24 
*SUP 2: 2.164 - Low Aug 18 
*SUP 3: 2.156 - Bollinger band base 
*SUP 4: 2.121 - Low June 26
*COMMENTARY: Failure ahead of the 2.229 resistance added to the significance of
this level and resulted in bears remaining focused on tests of 2017 lows. A
close below 2.103 is needed to shift immediate bearish focus to the 100-WMA
(2.053) and overall focus to tests of 1.879. The 2.229 resistance remains key
with bulls needing a close above to ease bearish pressure and above 2.264 to
shift initial focus back to 2.289.
EUROSTOXX50 TECHS: 21-DMA Now Capping 
*RES 4: 3493.04 55-DMA, Bear channel top 
*RES 3: 3484.66 High Aug 17 
*RES 2: 3467.78 High Aug 23 
*RES 1: 3462.77 21-DMA
*PREVIOUS CLOSE: 3444.73
*SUP 1: 3432.05 Low Aug 23 
*SUP 2: 3411.06 Low Aug 21 
*SUP 3: 3408.47 Bollinger band top 
*SUP 4: 3401.37 200-DMA
*COMMENTARY: The index managed a pop above the 21-DMA Wednesday but follow
through remains lacking on approach to the 55-DMA/bear channel top and
3493.04-3539.48 region as a whole. Bulls look for a close above 3539.48 to end
bearish hopes and initially target 3615.06 June highs. The 3390.04-3411.06
support region is key. Bears need a close below to confirm a break of the
200-DMA and initially focus on 3335.77-3355.40.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]
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