MNI European Morning FI Technical Analysis

7 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) 161.66-96 Support Region Key

*RES 4: 163.28 Daily Bull channel top A

*RES 3: 162.93 High Aug Sept 5

*RES 2: 162.68 Hourly resistance Sept 6

*RES 1: 162.41 Hourly support Sept 6 now resistance

*PREVIOUS CLOSE: 162.30

*SUP 1: 162.18 Daily Bull channel base B

*SUP 2: 161.96 Low Sept 5

*SUP 3: 161.77 21-DMA

*SUP 4: 161.66 Low Sept 1

*COMMENTARY: The Bollinger band top continues to cap/limit follow through with

the bearish close Wednesday seeing focus back on the 161.66-162.18 support

region. Bears look for a close below 161.66 to end bullish hopes and shift focus

back to 160.32-50 where 55 & 100-DMAs and bull channel base (A) are noted.

Layers of resistance are accumulating with bulls now needing a close above

162.41 to gain breathing room.

BOBL TECHS: (Z17) Bollinger Band Top Capping

*RES 4: 131.98 Daily Bull channel top A 

*RES 3: 131.87 High Sept 5 

*RES 2: 131.77 Alternating hourly support/resistance 

*RES 1: 131.62 Hourly support Sept 5 now resistance

*PREVIOUS CLOSE: 131.59

*SUP 1: 131.53 Low Sept 5

*SUP 2: 131.42 Low Sept 1

*SUP 3: 131.36 21-DMA

*SUP 4: 131.27 Low Aug 25

*COMMENTARY: Failure to capitalise on Tuesday's rally resulted in a sell-off and

bearish close that sees pressure back on 131.53-60 where daily bull channel base

B is located. bears look for a close below 161.53 to initially pressure

131.36-42 where the 21-DMA is noted. Layers of resistance are building and

weighing with bulls now needing a close above 131.62 to gain breathing room. The

Bollinger band top (131.84) remains the key concern for bulls.

SCHATZ TECHS: (Z17) Double Daily Top In Place

*RES 4: 112.305 Low Mar 7 now resistance 

*RES 3: 112.260 Highs Sept 5 & 6 

*RES 2: 112.250 Hourly support Sept 5 now resistance 

*RES 1: 112.230 Breakout level Sept 5 now resistance

*PREVIOUS CLOSE: 112.175

*SUP 1: 112.175 Low Sept 4 

*SUP 2: 112.156 Daily Bull channel base 

*SUP 3: 112.135 Low Aug 30 

*SUP 4: 112.090 Low Aug 25

*COMMENTARY: The Bollinger top (112.236) continues to limit follow through with

the sell-off Wednesday seeing pressure return to the 112.175 support. Bears look

for a close below 112.175 to shift initial pressure back to 112.090-135 where

the 21-DMA (112.107) is situated. Below 112.090 is needed to end bullish hopes

and target 111.945-112.015. Bulls now need a close above 112.230 to return focus

to the double daily top. Above 112.260 is needed to reconfirm the bullish bias.

GILT TECHS: (Z17) Bears Need Close Below 127.24

*RES 4: 128.15 Daily Bull channel top 

*RES 3: 127.83 High Aug 29 

*RES 2: 127.76 Bollinger band top 

*RES 1: 127.74 High Sept 6

*PREVIOUS CLOSE: 127.51

*SUP 1: 127.44 High Sept 1 now support 

*SUP 2: 127.24 Hourly support Sept 5 

*SUP 3: 126.98 Daily bull channel base 

*SUP 4: 126.80 Low Aug 24

*COMMENTARY: Having looked heavy and pressuring the 21-DMA, bulls took comfort

in the aggressive rally Tuesday that sees focus back on the 127.83 resistance.

The Bollinger band top is the key concern for bulls and currently caps. Bears

look for a close below 127.24 to ease pressure on resistance layers and return

pressure to 126.80-98. Below 126.80 is needed to shift focus back to

125.94-126.25.

SHORT-STERLING TECHS: (Z17) 99.630-643 Support Key

*RES 4: 99.724 Daily Bull channel top

*RES 3: 99.690 2017 Highs June 12 & 13

*RES 2: 99.670 High Sept 5 & 6

*RES 1: 99.659 Bollinger band top

*PREVIOUS CLOSE: 99.650

*SUP 1: 99.643 21-DMA

*SUP 2: 99.640 Low Sept 5

*SUP 3: 99.630 Repeated Daily Lows Aug

*SUP 4: 99.628 Bollinger band base

*COMMENTARY: Pressure has again returned to the daily bull channel base (99.650)

with the 66.630 support remaining key. Bears look for a close below 99.630 to

ease bullish pressure and shift immediate focus to 99.589-610 where 55 &

100-DMAs are located. While the 21-DMA supports immediate focus remains on the

break of 99.670 needed to pressure 99.690-724.

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: 100.325 - 2017 High Sept 5 

*RES 1: 100.319 - Bollinger band top

*PREVIOUS CLOSE: 100.315

*SUP 1: 100.311 - 21-DMA

*SUP 2: 100.300 - Low Aug 11 - 16

*SUP 3: 100.290 - 55-DMA

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

*COMMENTARY: The contract remains supported ahead of the 21-DMA as it has for

most of August with fresh 2017 highs seen Tuesday. Bulls remain focused on the

100.330-413 resistance region where the bull channel top is located. The

Bollinger top remains the key concern for bulls and limits follow through. Bears

continue to look for a close below 100.300 to ease bullish pressure and below

100.275 to signal a correction that initially targets the 200-DMA (100.253).

US 10-YR FUTURE TECHS: (Z17) Below 126-300 Shifts Focus To 126-180/190

*RES 4: 128-220 - Low Oct 28 now resistance 

*RES 3: 127-270 - High Nov 10 

*RES 2: 127-180 - High Sept 6, Daily bull channel top 

*RES 1: 127-100 - Hourly support Sept 5 & 6 now resistance

*PRICE: 127-060 @ 0430GMT

*SUP 1: 126-300 - High Sept 4 now support

*SUP 2: 126-240 - Low Sept 5

*SUP 3: 126-190 - Low Sept 1

*SUP 4: 126-180 - 21-DMA

*COMMENTARY: The daily bull channel top has again capped with the Bollinger band

top (127-110) continuing to limit follow through. The close below 127-070 sees

bears gain breathing room but a close below 126-300 is needed to shift focus

back to 126-180/190 where the 21-DMA is noted. Bulls now look for a close above

127-100 to retain immediate focus on retests of the bull channel top with a

close above needed to target 127-270/128-220.

US 10-YR YIELD TECHS: 100-WMA Supporting For Now

*RES 4: 2.180 - High Aug 28 

*RES 3: 2.166 - Hourly resistance Aug 31 

*RES 2: 2.148 - High Sept 5 

*RES 1: 2.115 - Hourly resistance Sept 5a

*PRICE: 2.096 @ 0430GMT

*SUP 1: 2.080 - Hourly resistance Sept 6 now support 

*SUP 2: 2.054 - 100-WMA, 2017 Low Sept 6 

*SUP 3: 1.991 - Low Nov 10 

*SUP 4: 1.879 - High Nov 1 now support

*COMMENTARY: The topside failure ahead of 2.180 has resulted in a sell-off and

fresh 2017 & 10mth lows that saw the 100-WMA pressured. Bears look for a close

below the 100-WMA to add weight to the case for a test of 1.879-1.991. The

Bollinger base (2.078) and modestly O/S studies are concerns for bears. In

saying that, bulls now need a close above 2.115 to gain breathing room and above

2.180 to shift initial focus back to 2.206-2.229.

EUROSTOXX50 TECHS: Bulls Need Close Above 55-DMA 

*RES 4: 3497.29 High Aug 16 

*RES 3: 3471.26 55-DMA 

*RES 2: 3467.78 High Aug 23 

*RES 1: 3454.45 High Sept 1

*PREVIOUS CLOSE: 3433.80

*SUP 1: 3395.03 Hourly resistance Aug 29 now support 

*SUP 2: 3373.52 Hourly support Aug 29 

*SUP 3: 3363.68 Low Aug 29 

*SUP 4: 3355.40 High Feb 22 now support

*COMMENTARY: Bears failed to capitalize on the break of 3412.26 with the index

bouncing aggressively from ahead of 3395.03 to again flirt with the 21-DMA

(3434.02). Layers of resistance remain 3454.55-3539.48. Bulls continue to look

for a close above the 55-DMA to confirm focus on 3497.29-3539.48 where the

100-DMA (3519.09) is located and above this region to target 2017 highs. Bears

now need a close below 3395.03 to target the channel base (3333.43).

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

[TOPICS: MTABLE]