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2022 Growth Seen At 4.1%: Finance Minister

14 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) 162.47 Resistance Key
*RES 4: 163.11 Hourly resistance Sept 8
*RES 3: 162.89 High Sept 11
*RES 2: 162.47 Alternating hourly support/resistance
*RES 1: 162.15 Hourly support Sept 12 now resistance
*PREVIOUS CLOSE: 161.75
*SUP 1: 161.50 Low Aug 25
*SUP 2: 161.14 Low Aug 18
*SUP 3: 160.77 Daily Bull channel base
*SUP 4: 160.58 100-DMA
*COMMENTARY: Bears capitalised on Friday's sell-off with the contract gaining
traction below the 21-DMA (162.07) and remaining heavy. Layers of resistance
remain with bulls now needing a close above 162.15 to gain breathing room and
above 162.47 to shift focus back to 162.89-163.43. While 162.47 caps bears now
target 160.39-77 where 55 & 100-DMAs and the bull channel base are located.
Daily studies are well placed for further downside before O/S becomes an issue.
BOBL TECHS: (Z17) 131.42 Support Remains Key
*RES 4: 131.87 Hourly resistance Sept 8 
*RES 3: 131.74 Low Sept 11 now resistance 
*RES 2: 131.64 Alternating hourly support/resistance 
*RES 1: 131.59 High Sept 13
*PREVIOUS CLOSE: 131.48
*SUP 1: 131.42 Low Sept 11 & 13
*SUP 2: 131.27 Low Aug 25
*SUP 3: 131.25 Daily Bull channel base
*SUP 4: 131.12 Low Aug 18
*COMMENTARY: The contract remains a little heavy with the daily bull channel top
having recently capped and provided the catalyst for dips below the 21-DMA
(131.49). Bears need a close below 131.42 to shift pressure to the daily bull
channel base off July lows. Layers of resistance remain and weigh with bulls
needing a close above 131.64 to ease bearish pressure and above 131.87 to shift
focus back to the channel top (132.13).
SCHATZ TECHS: (Z17) Bears Focused On 112.135-165
*RES 4: 112.305 Low Mar 7 now resistance 
*RES 3: 112.285 High Sept 8 
*RES 2: 112.260 Hourly resistance Sept 8 
*RES 1: 112.225 Hourly support Sept 12 now resistance
*PREVIOUS CLOSE: 112.190
*SUP 1: 112.175 Low Sept 13 
*SUP 2: 112.165 Low Sept 7 
*SUP 3: 112.152 21-DMA 
*SUP 4: 112.135 Low Aug 30
*COMMENTARY: Following on from the bull channel top capping last week bears take
comfort in a marginal close below the bull channel base (112.200) with immediate
focus currently on 112.135-165 where the 21-DMA is noted. Bears look for a close
below 112.135 to end bullish hopes and below 112.090 to target 111.985-112.015
where the 55-DMA is situated. Bulls need a close above 112.225 to gain breathing
room and above 112.285 to reconfirm the bullish bias.
GILT TECHS: (Z17) Pressuring 55-DMA
*RES 4: 127.61 Low Sept 8 now resistance 
*RES 3: 127.18 Low Sept 11 now resistance 
*RES 2: 126.80 Low Aug 24 now resistance 
*RES 1: 126.49 Low Aug 23 now resistance
*PREVIOUS CLOSE: 126.09
*SUP 1: 126.03 Bollinger band base 
*SUP 2: 126.00 Low Sept 13 
*SUP 3: 125.95 55-DMA 
*SUP 4: 125.63 Low July 25
*COMMENTARY: Pressure on the 21-DMA and daily bull channel base took its toll
Tuesday with an aggressive sell-off and bearish close that leaves immediate
bearish pressure on the 55-DMA. Bears look for a close below the 55-DMA to shift
initial focus to 125.63 and overall focus back to 124.71. Layers of resistance
continue to weigh with bulls needing a close above 126.49 to gain breathing room
and above 127.18 to shift focus back to 128.24.
SHORT-STERLING TECHS: (Z17) Below 99.540 Targets 99.470-480
*RES 4: 99.637 21-DMA
*RES 3: 99.620 Low Aug 8 & 9 now resistance
*RES 2: 99.603 100-DMA
*RES 1: 99.594 55-DMA
*PREVIOUS CLOSE: 99.570
*SUP 1: 99.570 Hourly support Sept 13
*SUP 2: 99.540 Low Sept 12
*SUP 3: 99.515 Daily Bull channel base
*SUP 4: 99.510 Repeated daily lows July
*COMMENTARY: Bears take comfort in the aggressive sell-off and bearish close
below the 200-DMA Tuesday that sees bears looking for a close below 99.540 to
confirm focus on the 99.470-480 support region where monthly lows are located.
Layers of resistance are weighing with bulls still needing a close above the
100-DMA to shift focus back to 99.620-640. Bears now look for a close below
99.570 to retain initial pressure on 99.540.
EURIBOR TECHS: (H18) Bears Need Close Below 100.310
*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: 100.322 - Bollinger band top
*PREVIOUS CLOSE: 100.315
*SUP 1: 100.310 - Repeated daily lows
*SUP 2: 100.300 - Low Aug 11 - 16
*SUP 3: 100.293 - 55-DMA
*SUP 4: 100.282 - 100-DMA
*COMMENTARY: The dips below the 21-DMA and daily bull channel base are less than
ideal but follow through has so far been lacking. Bears now 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 (100.254). Until a close below 100.300 is
seen bulls remain focused on 100.325-360 where 2017 highs and levels last seen
in Oct are located.
US 10-YR FUTURE TECHS: (Z17) Focus Now On 125-310/126-060
*RES 4: 127-120 - Low Sept 8 now resistance 
*RES 3: 127-050 - Hourly resistance Sept 11 
*RES 2: 126-270 - Hourly resistance Sept 12 
*RES 1: 126-180 - Hourly resistance Sept 13
*PRICE: 126-160 @ 0430GMT
*SUP 1: 126-130 - Low Sept 13
*SUP 2: 126-060 - Low Aug 23
*SUP 3: 126-010 - Low Aug 17
*SUP 4: 125-310 - 55-DMA
*COMMENTARY: The lack of topside follow through Friday has resulted in a
correction and close below the bull channel base (126-170) with bearish focus on
125-310/126-060 where the 55-DMA is located. Daily studies have room to move
before O/S becomes an issue. Layers of resistance continue to build and weigh
with bulls needing a close above 126-270 to gain breathing room and above
127-190 to reconfirm focus on 127-280/128-220.
US 10-YR YIELD TECHS: 2.118-171 Support Region Key
*RES 4: 2.241 - 100-DMA 
*RES 3: 2.236 - 55-DMA 
*RES 2: 2.229 - Hourly resistance Aug 17 
*RES 1: 2.206 - Hourly support Aug 23 now resistance
*PRICE: 2.188 @ 0430GMT
*SUP 1: 2.171 - Hourly resistance Sept 13 now support 
*SUP 2: 2.143 - Hourly support Sept 12 
*SUP 3: 2.118 - Hourly support Sept 11 
*SUP 4: 2.096 - Hourly breakout level Sept 11
*COMMENTARY: Bulls take comfort as they gain traction above the 21-DMA (2.155)
and focus on the 2.206-2.241 region where 55 & 100-DMAs are located. Daily
studies have room to move before O/B becomes an issue. Layers of support
continue to build with bears needing a close below 2.171 to gain breathing room
and below 2.118 to ease renewed bullish pressure and shift initial focus back to
2.075. Above the 100-DMA initially pressures the bear channel top (2.266).
EUROSTOXX50 TECHS: 3539.48 Resistance Remains Key 
*RES 4: 3581.43 High June 26 
*RES 3: 3555.37 High June 29 
*RES 2: 3539.48 Monthly High July 13 
*RES 1: 3529.99 High July 20
*PREVIOUS CLOSE: 3523.14
*SUP 1: 3497.29 High Aug 16 now support 
*SUP 2: 3480.60 Hourly support Sept 11 
*SUP 3: 3465.65 55-DMA 
*SUP 4: 3432.40 Hourly support Sept 6
*COMMENTARY: Gains continue for the index with bullish focus currently on
3529.99-3539.48. Bulls look for a close above 3539.48 to shift initial focus to
3615.06 and overall focus to 2017 highs (3666.80). Layers of support remain and
add support to the bullish case. Bears still need a close below 3497.29 to ease
bearish pressure and below the 55-DMA to initially pressure the 200-DMA
(3430.06).
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]