MNI European Morning FI Technical Analysis

5 September 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: (Z17) 21-DMA Support Remains Key

*RES 4: 163.14 Daily Bull channel top

*RES 3: 162.81 Monthly High Aug 29

*RES 2: 162.76 Bollinger band top

*RES 1: 162.42 High Aug 31

*PREVIOUS CLOSE: 162.15

*SUP 1: 162.02 Low Sept 4

*SUP 2: 161.66 Low Sept 1

*SUP 3: 161.55 21-DMA

*SUP 4: 161.14 Low Aug 18

*COMMENTARY: The lack of topside follow through Tuesday resulted in a sell-off

that broke the daily bull channel base and saw pressure back on 161.55-66 where

the 21-DMA is noted. Bears look for a close below the 21-DMA to add weight to

the case for a test of 160.29-52 where 55 & 100-DMAs & the bull channel base are

located. Bulls now need a close above 162.42 to return focus to 162.81-163.14

where the bull channel top is situated.

BOBL TECHS: (Z17) 131.42 Support Key

*RES 4: 131.92 Daily Bull channel top 

*RES 3: 131.79 Bollinger band top 

*RES 2: 131.76 Monthly High Aug 29 

*RES 1: 131.66 High Aug 30

*PREVIOUS CLOSE: 131.60

*SUP 1: 131.54 Low Sept 4

*SUP 2: 131.42 Low Sept 1

*SUP 3: 131.27 Low Aug 25, 21-DMA

*SUP 4: 131.09 100-DMA

*COMMENTARY: The dip Friday found support just below the daily bull channel base

(131.552) with bulls taking comfort as support layers build. The Bollinger top

and O/B studies remain the key concerns for bulls who need a close above 131.76

to reconfirm the bullish bias targeting the longer term bull channel top. Bears

now look for a close below 131.42 to confirm an easing of bullish pressure and

shift initial focus to 131.04-27.

SCHATZ TECHS: (Z17) Bears Need Close Below 112.135

*RES 4: 112.240 Low Aug 30 now resistance (Continuation) 

*RES 3: 112.237 Daily Bull channel top 

*RES 2: 112.219 Bollinger band top 

*RES 1: 112.205 High Sept 4

*PREVIOUS CLOSE: 112.205

*SUP 1: 112.175 Low Sept 4 

*SUP 2: 112.135 Low Aug 30, Daily Bull channel base 

*SUP 3: 112.090 Low Aug 25 

*SUP 4: 112.085 21-DMA

*COMMENTARY: Bulls continue to dominate with the Bollinger top the key concern.

Immediate bullish focus remains on the 112.237-240 region where the bull channel

top is situated. Initial support is noted at 112.175 with bears needing a close

below to ease immediate bullish pressure. Bears then look for a close below

112.135 to shift focus back to 112.085-090 where the 21-DMA is noted. Below the

21-DMA targets the 55-DMA (111.948).

GILT TECHS: (Z17) 21-DMA Support Remains Key

*RES 4: 127.71 Bollinger band top 

*RES 3: 127.54 High Aug 30 

*RES 2: 127.44 High Sept 1 

*RES 1: 127.26 Hourly resistance Sept 1

*PREVIOUS CLOSE: 127.07

*SUP 1: 127.01 Daily Bull channel base 

*SUP 2: 126.80 Low Aug 24 

*SUP 3: 126.76 21-DMA 

*SUP 4: 126.49 Low Aug 23

*COMMENTARY: Lower daily highs and lows the latter part of last week are

weighing with a dip below the bull channel base Friday and focus now on the

21-DMA. Bears need a close below the 21-DMA to confirm an easing of bullish

pressure and to shift focus to 125.93-126.49 where 55 & 100-DMAs are noted.

Bulls look for a close above 127.54 to return focus to 127.83-128.10 where the

bull channel top it noted.

SHORT-STERLING TECHS: (Z17) Bulls Focused On 99.680-717

*RES 4: 99.717 Daily Bull channel top

*RES 3: 99.690 2017 Highs June 12 & 13

*RES 2: 99.660 High Aug 29 & 31, Sept 1 & 4

*RES 1: 99.659 Bollinger band top

*PREVIOUS CLOSE: 99.650

*SUP 1: 99.640 Low Aug 29 & 31, 21-DMA, Bull channel base

*SUP 2: 99.630 Repeated Daily Lows Aug

*SUP 3: 99.621 Bollinger band base

*SUP 4: 99.620 Low Aug 8 & 9

*COMMENTARY: Sideways trading 99.630-650 came to an end Tuesday with fresh 2mth

highs reconfirming the bullish bias and seeing bulls focused on 99.680-717 where

the bull channel top is noted. Layers of support remain with bears needing a

close below 99.630 to ease bullish pressure and below 99.610 to pressure 55

(99.587) & 100 (99.601) DMAs. The Bollinger top remains the key concern for

bulls.

EURIBOR TECHS: (H18) Bears Need Close Below 100.300

*RES 4: 100.360 - High Oct 6 

*RES 3: 100.330 - High Oct 19 

*RES 2: 100.322 - Bollinger band top 

*RES 1: 100.320 - 2017 High Sept 1 & 4

*PREVIOUS CLOSE: 100.320

*SUP 1: 100.309 - 21-DMA

*SUP 2: 100.300 - Low Aug 11 - 16

*SUP 3: 100.289 - 55-DMA

*SUP 4: 100.285 - Repeated daily lows July & Aug

*COMMENTARY: Pressure on 100.315 took its toll with fresh 2017 and 11mth highs

that add support to the case for a test of the 100.330-370 resistance region.

The Bollinger top is the key concern and currently limits follow through. Layers

of support remain with bears needing a close below 100.300 to ease bullish

pressure and below 100.285 to signal a correction that initially targets the

100-DMA (100.277). While 100.300 supports bull continue to target 100.330-370.

US 10-YR FUTURE TECHS: (Z17) Bulls Need Close Above 126-300

*RES 4: 127-170 - Daily Bull channel top 

*RES 3: 127-100 - 2017 High Aug 29 

*RES 2: 127-070 - High Sept 1 

*RES 1: 126-300 - High Sept 4

*PRICE: 126-290 @ 0430GMT

*SUP 1: 126-190 - Low Sept 1

*SUP 2: 126-130 - 21-DMA

*SUP 3: 126-080 - Daily Bull channel base

*SUP 4: 126-060 - Low Aug 23

*COMMENTARY: The lack of topside follow through and rejection ahead of the 2017

high Friday is a concern for bulls with the Bollinger top (127-040) limiting

follow through and daily studies correcting from O/B. In saying that, layers of

support remain with bears needing a close below 126-190 to see pressure on the

126-060/130 region where the bull channel base and 21-DMA are situated. Bulls

need a close above 126-300 today.

EUROSTOXX50 TECHS: Bears Need Close Below 3412.26 

*RES 4: 3476.01 55-DMA 

*RES 3: 3467.78 High Aug 23 

*RES 2: 3444.98 21-DMA 

*RES 1: 3438.41 Hourly support Sept 1 now resistance

*PREVIOUS CLOSE: 3430.42

*SUP 1: 3412.26 High Aug 30 now support 

*SUP 2: 3395.03 Hourly resistance Aug 29 now support 

*SUP 3: 3373.52 Hourly support Aug 29 

*SUP 4: 3363.68 Low Aug 29

*COMMENTARY: Bulls took comfort in the close above the 200-DMA Thursday that saw

them gain breathing room but layers of resistance 3467.78-3539.48 remain key.

Bulls need a close above 3497.29 to confirm breaks of the 55-DMA and bear

channel top and to pressure 3519.04-3539.48. A close above 3539.48 is needed to

shift focus higher. Bears look for a close below 3412.26 to return focus to the

bear channel base 3337.82.

--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com

[TOPICS: MTABLE]