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MNI European Morning FI Technical Analysis

12 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) Closes Below 55 & 100-WMAs
*RES 4: 163.89 Low June 1 now resistance
*RES 3: 163.43 High Sept 8
*RES 2: 163.11 Hourly resistance Sept 8
*RES 1: 162.89 High Sept 11
*PREVIOUS CLOSE: 162.70
*SUP 1: 162.56 Daily Bull channel base B
*SUP 2: 162.47 Hourly resistance Sept 7 now support
*SUP 3: 162.22 Low Sept 7
*SUP 4: 162.00 21-DMA
*COMMENTARY: Bears have capitalised on Friday's sell-off with losses continuing
Monday. Closes below the 55 (162.85) & 100 (162.82) WMAs add weight to the
bearish case for a correction initially targeting 161.66-00 where the 21-DMA is
located. Bears now need a close below 161.66 to shift focus to 160.35-64 where
55 & 100-DMAs and the longer term bull channel base are noted. Bulls need a
close above 163.11 to gain breathing room and return initial focus to 163.43.
BOBL TECHS: (Z17) Remains Capped Ahead Of Bull Channel Top
*RES 4: 132.07 Low May 16 now resistance 
*RES 3: 132.06 Daily Bull channel top A 
*RES 2: 131.98 2017 High Sept 8 
*RES 1: 131.87 Hourly resistance Sept 8
*PREVIOUS CLOSE: 131.77
*SUP 1: 131.74 Low Sept 11
*SUP 2: 131.67 Daily Bull channel base B
*SUP 3: 131.53 Low Sept 5
*SUP 4: 131.46 21-DMA
*COMMENTARY: Rallies remain capped around the daily bull channel top with the
Bollinger top (131.99) contributing to the recent lack of topside follow through
as bulls remain focused on 132.00-21. Initial support is noted at 131.74 with
bears needing a close below to ease bullish pressure and shift immediate focus
back to 131.42-53. Below 131.42 is needed to pressure the longer-term bull
channel base (131.19).
SCHATZ TECHS: (Z17) Below 112.215 Targets 112.130-165
*RES 4: 112.309 Daily Bull channel top 
*RES 3: 112.305 Low Mar 7 now resistance 
*RES 2: 112.285 High Sept 8, Bollinger band top
*RES 1: 112.260 Hourly resistance Sept 8
*PREVIOUS CLOSE: 112.245
*SUP 1: 112.230 Low Sept 8 & 11 
*SUP 2: 112.215 Hourly resistance Sept 7 now support 
*SUP 3: 112.195 Hourly resistance Sept 7a now support 
*SUP 4: 112.185 Daily Bull channel base
*COMMENTARY: The daily bull channel top continues to cap with Friday's sell-off
less than ideal for bulls as the Bollinger top (112.285) limits follow through.
Bears look for a close below 112.215 to signal a correction back to 112.130-165
where the 21-DMA is located. Initial resistance is noted at 112.260 with bulls
needing a close above to ease pressure on 112.215 and retain focus on
112.305-345 where the bull channel top and 100-DMA are situated.
GILT TECHS: (Z17) Pressure Back On Key Supports
*RES 4: 128.29 Daily bull channel top 
*RES 3: 128.24 High Sept 8 
*RES 2: 127.87 Hourly support Sept 8 now resistance 
*RES 1: 127.59 High Sept 11
*PREVIOUS CLOSE: 127.24
*SUP 1: 127.18 Low Sept 11 
*SUP 2: 127.12 21-DMA 
*SUP 3: 127.11 Daily Bull channel base 
*SUP 4: 126.80 Low Aug 24
*COMMENTARY: Bulls failed to capitalise on last week's rally with the correction
lower from fresh weekly highs less than ideal. Immediate pressure has returned
to the 21-DMA and daily bull channel base with a close below the channel base to
shift overall focus back to 125.97-126.29. Bulls now need a close above 127.87
to return focus to 128.24-29 where the bull channel top is noted.
SHORT-STERLING TECHS: (Z17) Below 99.620 Targets Key DMAs
*RES 4: 99.690 2017 Highs June 12 & 13
*RES 3: 99.670 High Sept 5 & 6
*RES 2: 99.660 Repeated daily highs Sept
*RES 1: 99.640 Repeated Daily Lows Aug-Sept now resistance
*PREVIOUS CLOSE: 99.630
*SUP 1: 99.620 Low Aug 8 & 9
*SUP 2: 99.603 100-DMA
*SUP 3: 99.593 55-DMA
*SUP 4: 99.558 200-DMA
*COMMENTARY: Losses continue for the contract with bears now looking for a close
below the 100-DMA to confirm initial focus on 55 & 100-DMAs. Daily studies are
well placed for losses with narrowed Bollinger bands suggestive of a break out.
Initial resistance is now noted at 99.640 with bulls needing a close above to
ease renewed bearish pressure. A close above 99.670 is needed to reconfirm a
bullish bias targeting 2017 highs.
EURIBOR TECHS: (H18) Bears Need Close Below Channel Base
*RES 4: 100.360 - High Oct 6 
*RES 3: 100.330 - High Oct 19 
*RES 2: 100.325 - 2017 High Sept 5-8 
*RES 1: 100.321 - Bollinger band top
*PREVIOUS CLOSE: 100.320
*SUP 1: 100.313 - 21-DMA
*SUP 2: 100.311 - Daily Bull channel base
*SUP 3: 100.300 - Low Aug 11 - 16
*SUP 4: 100.292 - 55-DMA
*COMMENTARY: The contract remains supported ahead of the 21-DMA as it has for
most of August with fresh 2017 highs seen last Tuesday. Bulls remain focused on
100.330-418 where the bull channel top is located. The Bollinger top remains the
key concern for bulls and limits follow through. Bears now look for a close
below the channel base to ease bullish pressure and below 100.275 to signal a
correction that initially targets the 200-DMA (100.254).
US 10-YR FUTURE TECHS: (Z17) Bears Focused On Channel Base
*RES 4: 127-280 - High Sept 8 
*RES 3: 127-190 - Hourly support Sept 7 now resistance 
*RES 2: 127-120 - Low Sept 8 now resistance 
*RES 1: 127-050 - Hourly resistance Sept 11
*PRICE: 126-300 @ 0430GMT
*SUP 1: 126-240 - Low Sept 5
*SUP 2: 126-230 - 21-DMA
*SUP 3: 126-190 - Low Sept 1
*SUP 4: 126-140 - Daily Bull channel base
*COMMENTARY: The lack of topside follow through Friday has resulted in a
correction gathering momentum and shifting focus back to 126-140/230 where the
daily bull channel base and 21-DMA are situated. Below the bull channel base is
needed to target 125-310/126-060. Layers of resistance are accumulating and
weighing with bulls needing a close above 127-050 to gain breathing room and
above 127-190 to reconfirm focus on 127-280/128-220.
US 10-YR YEILD TECHS: 2.180 Resistance Now Key
*RES 4: 2.180 - High Aug 28 
*RES 3: 2.166 - Hourly resistance Aug 31 
*RES 2: 2.157 - 21-DMA 
*RES 1: 2.148 - High Sept 5
*PRICE: 2.129 @ 0430GMT
*SUP 1: 2.096 - Hourly breakout level Sept 11 
*SUP 2: 2.075 - High Sept 8 now support 
*SUP 3: 2.039 - Hourly resistance Sept 8 now support 
*SUP 4: 2.016 - 2017 Low Sept 8
*COMMENTARY: Bears failed to manage a weekly close below the 100-WMA (2.055)
with downside follow through lacking Friday on fresh 2017 and 10mth lows. The
gapping move higher Monday eased bearish pressure and sees immediate focus on
2.180. Bulls look for a close above 2.180 to shift initial focus back to
2.206-2.242 where key DMAs are noted. Bears now need a close below 2.075 to
return initial focus to 2017 lows.
EUROSTOXX50 TECHS: 55-DMA Now Key Support 
*RES 4: 3529.99 High July 20 
*RES 3: 3518.42 100-DMA 
*RES 2: 3529.99 High July 20 
*RES 1: 3497.29 High Aug 16
*PREVIOUS CLOSE: 3495.19
*SUP 1: 3480.60 Hourly support Sept 11 
*SUP 2: 3466.34 55-DMA 
*SUP 3: 3432.40 Hourly support Sept 6 
*SUP 4: 3417.01 Hourly resistance Sept 6 now support
*COMMENTARY: The recovery from last week's low has seen a close above the 55-DMA
and bear channel top, confirming an easing of bearish pressure and shifting
immediate focus to 3497.29-3539.48. Bulls look for a close above 3539.48 to
shift overall focus to 2017 highs. Layers of support continue to build and add
support to the bullish case. Bears now need a close below the 55-DMA to ease
bullish pressure.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]

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