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EGB OPTIONS

Bund downside structures

EQUITIES

A gap lower for Stoxx600 on the cash open

SPAIN DATA

Spanish GDP Rose in Q2

GILTS

Opening calls

NOK

Trades in  the red against all majors

19 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) Supported Around Channel Base For Now
*RES 4: 162.47 Alternating hourly support/resistance
*RES 3: 162.15 Hourly support Sept 12 now resistance
*RES 2: 161.82 High Sept 15
*RES 1: 161.51 Hourly resistance Sept 15
*PREVIOUS CLOSE: 161.05
*SUP 1: 160.97 Daily Bull channel base
*SUP 2: 160.86 Low Sept 18
*SUP 3: 160.59 100-DMA
*SUP 4: 160.52 55-DMA
*COMMENTARY: Losses continued Monday with the contract dipping marginally below
the channel base before finding support. Bears remain focused on 160.50-97 where
55 & 100-DMAs and channel base are located. Below the 55-DMA is needed to end
bullish hopes and hint at a test of 2017 lows with below 159.58 to confirm. The
Bollinger base (160.97) is the key concern for bears. Bulls now need a close
above 161.51 to ease bearish pressure and above 162.15 to shift focus higher.
BOBL TECHS: (Z17) Immediate Focus On 100-DMA
*RES 4: 131.60 High Sept 14 
*RES 3: 131.52 21-DMA 
*RES 2: 131.49 High Sept 15 
*RES 1: 131.32 Low Sept 14 now resistance
*PREVIOUS CLOSE: 131.13
*SUP 1: 131.11 Bollinger band base
*SUP 2: 131.08 Low Sept 18
*SUP 3: 131.07 100-DMA
*SUP 4: 130.90 Low Aug 16
*COMMENTARY: Having remained heavy last week bears took comfort in Friday's
close below the bull channel base which sees immediate focus on the 100-DMA and
overall focus on the 55-DMA (130.88). Bears need a close below the 55-DMA to end
bullish hopes and shift overall focus back to tests of 2017 lows. The Bollinger
base is the key concern for bears. Bulls need a close above 131.32 to gain
breathing room and above 131.64 to return focus to 131.87-98.
SCHATZ TECHS: (Z17) Looking A Little Heavy
*RES 4: 112.260 Hourly resistance Sept 8 
*RES 3: 112.225 Hourly support Sept 12 now resistance 
*RES 2: 112.205 High Sept 14 
*RES 1: 112.165 Low Sept 7 now resistance
*PREVIOUS CLOSE: 112.120
*SUP 1: 112.115 Low Sept 18 
*SUP 2: 112.090 Low Aug 25 
*SUP 3: 112.067 Bollinger band base 
*SUP 4: 112.015 Low Aug 17
*COMMENTARY: Bears took comfort in a close below the 21-DMA (112.168) Friday
that sees immediate focus on 112.090. Bears need a close below 112.090 to shift
focus to tests of the 111.981-112.015 region where the 55-DMA is situated. Daily
studies have room to move before O/S is an issue. Initial resistance is noted at
112.170 with bulls needing a close above to ease bearish pressure. Bulls need a
close above 112.225 to shift focus back to 112.285-294.
GILT TECHS: (Z17) Above 124.91 To Ease Bearish Pressure
*RES 4: 127.18 Low Sept 11 now resistance 
*RES 3: 126.80 Low Aug 24 now resistance 
*RES 2: 125.91 55-DMA 
*RES 1: 124.91 Low Sept 14 now resistance
*PREVIOUS CLOSE: 124.45
*SUP 1: 124.00 Low Sept 15 
*SUP 2: 123.17 Low Feb 2 
*SUP 3: 122.60 2017 Low Jan 26 
*SUP 4: 121.64 Low June 23 2016
*COMMENTARY: The dramatic correction from 128.24 took its first backward step
Monday having found support ahead of last week's low. O/S daily studies and the
Bollinger base (124.76) are key concerns for bears and leave the move looking
overdone. In saying that, bulls need a close above 124.91 to gain breathing room
and above the 55-DMA to pressure 126.67-127-18.
SHORT-STERLING TECHS: (Z17) Bulls Need Close Above 99.490
*RES 4: 99.593 55-DMA
*RES 3: 99.559 200-DMA
*RES 2: 99.540 Low Sept 12 now resistance
*RES 1: 99.490 Low Sept 14 now resistance
*PREVIOUS CLOSE: 99.470
*SUP 1: 99.450 Highs Jan 30-Feb 2 now support
*SUP 2: 99.430 Repeated daily lows Jan
*SUP 3: 99.410 2017 Low Jan 27
*SUP 4: 99.389 100-WMA
*COMMENTARY: Price action last week saw June-Sept gains erased in just over a
week with immediate bearish focus now on 99.392-410 where the 100-WMA and 2017
lows are located. Daily studies remain O/S and the Bollinger base (99.492) is
also a key concern for bears. In saying that, bulls need a close above 99.490 to
ease immediate bearish pressure and above the 200-DMA to shift focus to
99.593-600 where 55 & 100-DMAs are found.
EURIBOR TECHS: (H18) Below 55-DMA To Pressure 100-DMA
*RES 4: 100.323 - Bollinger band top 
*RES 3: 100.320 - Repeated Daily highs 
*RES 2: 100.313 - 21-DMA 
*RES 1: 100.310 - Repeated daily lows now resistance
*PREVIOUS CLOSE: 100.310
*SUP 1: 100.305 - Repeated daily lows Aug
*SUP 2: 100.300 - Alternating daily support/resistance
*SUP 3: 100.296 - 55-DMA
*SUP 4: 100.284 - 100-DMA
*COMMENTARY: Topside hesitation ahead of recent 2017 highs took its toll with a
close below 100.310 that confirmed an easing of bullish pressure and sees focus
on the 55-DMA. Bears look for a close below the 55-DMA to initially pressure the
100-DMA and below 100.275 to shift focus to the 200-DMA (100.255). Bulls now
need a close above the 21-DMA to return initial focus to 100.320-325. The
Bollinger base (100.304) is the key concern for bears.
US 10-YR FUTURE TECHS: (Z17) Pressuring 55-DMA
*RES 4: 127-050 - Hourly resistance Sept 11 
*RES 3: 126-270 - Hourly resistance Sept 12 
*RES 2: 126-180 - Hourly resistance Sept 13 & 15 
*RES 1: 126-090 - High Sept 18
*PRICE: 126-060 @ 0430GMT
*SUP 1: 126-010 - Low Aug 17
*SUP 2: 126-000 - 55-DMA 
*SUP 3: 125-290 - Bollinger band base
*SUP 4: 125-270 - 100-DMA
*COMMENTARY: The sell-off from 127-280 continues with immediate pressure on the
55-DMA and the 125-170/126-010 support region as a whole. Below the 55-DMA is
needed to add weight to the bearish case with below 125-170 to confirm focus on
2017 lows. The Bollinger base is the key concern for bears with potential to
limit follow through. Bulls need a close above 126-090 to ease pressure on the
55-DMA and above 126-270 to shift focus higher.
US 10-YR YIELD TECHS: Bears Need Close Below 2.208
*RES 4: 2.290 - High Aug 4 
*RES 3: 2.258 - Daily Bear channel top 
*RES 2: 2.238 - 100-DMA 
*RES 1: 2.233 - 55-DMA
*PRICE: 2.220 @ 0430GMT
*SUP 1: 2.208 - Low Sept 18 
*SUP 2: 2.171 - Hourly resistance Sept 13 now support 
*SUP 3: 2.143 - Hourly support Sept 12 
*SUP 4: 2.118 - Hourly support Sept 11
*COMMENTARY: Bulls regained control Monday with immediate pressure on 55 &
100-DMAs. Bulls look for a close above the daily bear channel top to confirm
breaks of key resistance layers and above 2.290 to confirm focus on 2.333-337
where the 200-DMA (2.332) is situated. Layers of support continue to build with
bears now needing a close below 2.208 to ease bullish pressure and below 2.118
to shift focus back to 2017 lows.
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: 3537.22 High Sept 18
*PREVIOUS CLOSE: 3526.74
*SUP 1: 3506.61 Low Sept 13 
*SUP 2: 3497.29 High Aug 16 now support 
*SUP 3: 3480.60 Hourly support Sept 11 
*SUP 4: 3468.62 55-DMA
*COMMENTARY: Pressure remains on the key 3539.48 resistance with bulls
continuing to look for a close above 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 bullish
pressure and below the 55-DMA to initially pressure the 200-DMA (3436.4250). The
Bollinger top (3539.10) & O/B studies are concerns for bulls.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]