MNI European Morning FI Technical Analysis

27 November 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) 162.36-61 Support Region Key

*RES 4: 163.63 High Nov 8

*RES 3: 163.40 High Nov 9

*RES 2: 163.30 High Nov 22

*RES 1: 162.95 Hourly resistance Nov 24

*PREVIOUS CLOSE: 162.88

*SUP 1: 162.75 Daily Bull channel base

*SUP 2: 162.61 Low Nov 23

*SUP 3: 162.36 Hourly support Nov 14

*SUP 4: 161.99 55-DMA

*COMMENTARY: Narrowing Bolli bands (162.11-163.42) are suggestive of a breakout

this week. The daily bull channel base currently supports with bears needing a

close below 162.61 to ease bullish pressure and below 162.36 to shift focus to

161.63-99 where the longer-term bull channel base and 55-DMA are noted. Bulls

currently focus on the 163.40-63 region with a close above 162.95 needed to ease

pressure on support layers. Above 163.63 targets the bull channel top (164.76).

BOBL TECHS: (Z17) 131.47 Support Key This Week

*RES 4: 131.880 Hourly resistance Nov 9, High Nov 15 

*RES 3: 131.850 High Nov 21 

*RES 2: 131.772 21-DMA 

*RES 1: 131.730 Low Nov 22 now resistance

*PREVIOUS CLOSE: 131.630

*SUP 1: 131.581 Bollinger band base

*SUP 2: 131.520 Low Nov 22

*SUP 3: 131.498 55-DMA

*SUP 4: 131.470 High Oct 23 now support

*COMMENTARY: The rejection ahead of 131.88 resulted in dips back to the 55-DMA

with support emerging and follow through lacking. Bulls now need a close above

the 21-DMA to return focus to 131.850-880 and above 131.880 to reconfirm

immediate focus on retests of 132.060. Bears still need a close below 131.470 to

confirm a break of the 55-DMA and shift initial focus to 131.090-290 where the

100-DMA (131.223) is noted.

SCHATZ TECHS: (Z17) Above 112.240 To Ease Bearish Pressure

*RES 4: 112.285 High Nov 15 

*RES 3: 112.263 21-DMA 

*RES 2: 112.240 Low Oct 27 now resistance 

*RES 1: 112.220 High Nov 23

*PREVIOUS CLOSE: 112.200

*SUP 1: 112.150 Low Oct 25 

*SUP 2: 112.113 100-DMA 

*SUP 3: 112.105 Low Oct 6 

*SUP 4: 112.065 Monthly Low Sept 21

*COMMENTARY: The sell-off from Oct highs has resulted in a close below the

55-DMA (112.205) with immediate focus shifting to 112.150 and overall focus to

112.065-119 where the 100-DMA and monthly lows are situated. Below 112.150 adds

weight to the bearish case. Bulls need a close above 112.240 to ease bearish

pressure and above 112.285 to return focus to 112.315. Daily studies approaching

O/S is a concern for bears but 112.240 is key today.

GILT TECHS: (Z17) 124.25-75 Support Region Key

*RES 4: 126.00 Low Sept 13 now resistance 

*RES 3: 125.87 High Nov 8 

*RES 2: 125.75 Bollinger band top 

*RES 1: 125.41 Low Nov 8 now resistance

*PREVIOUS CLOSE: 125.32

*SUP 1: 125.09 Low Nov 24 

*SUP 2: 124.92 Daily Bull channel base 

*SUP 3: 124.75 Low Nov 22 

*SUP 4: 124.45 Low Nov 17

*COMMENTARY: The closes above the 100-DMA (125.22) adds to bullish confidence

following bounces from ahead of the daily bull channel base. Bulls look for a

close above 125.41 to confirm initial focus on 125.87-00. Bears still need a

close below 124.75 to ease bullish pressure and below 124.25 to confirm breaks

of 21 (124.85) & 55 (124.51) DMAs targeting 123.12-17 with below 123.84 to add

weight to the case.

SHORT-STERLING TECHS: (H18) 99.410 Resistance Remains Key

*RES 4: 99.450 Low Sept 13 now resistance

*RES 3: 99.447 100-DMA

*RES 2: 99.424 High Sept 15

*RES 1: 99.410 High Sept 15 & Nov 22-24

*PREVIOUS CLOSE: 99.400

*SUP 1: 99.380 Repeated daily lows Nov, 21-DMA

*SUP 2: 99.364 55-DMA

*SUP 3: 99.350 Alternating daily support/resistance

*SUP 4: 99.310 Low Nov 1

*COMMENTARY: Bulls take comfort in the contract trading above 21 & 55 DMAs and

tests of 99.410. Bulls look for a close above 99.410 to add support to their

case for a test of 100 (99.447) & 200 (99.491) DMAs. Bears now look for a close

below the 21-DMA to ease bullish pressure and below 99.350 to shift focus back

to 99.300-310 where 2017 lows are noted.

EURIBOR TECHS: (H18) 55-DMA Supporting

*RES 4: 100.382 - Daily Bull channel top 

*RES 3: 100.360 - High Oct 6 

*RES 2: 100.330 - High Oct 19 

*RES 1: 100.325 - 2017 Repeated Daily Highs Sept, Oct & Nov

*PREVIOUS CLOSE: 100.320

*SUP 1: 100.315 - 55-DMA

*SUP 2: 100.310 - Low Oct 26

*SUP 3: 100.305 - Repeated Daily Lows Oct

*SUP 4: 100.300 - Alternating daily sup/res

*COMMENTARY: The contract remained capped at 100.325 2017 highs during past

week's resulting in dips back to the 55-DMA which supports. Bears look for a

close below the 55-DMA to shift pressure to 100.300-311 where the daily bull

channel base and 100-DMA are located. Below 100.305 is needed to confirm a break

of the 100-DMA, ending bullish hopes and shifting focus back to 100.275-285.

Bulls continue to look for a close 100.330 to target 100.360-382.

US 10-YR FUTURE TECHS: (Z17) 124-16 Support Key This Week

*RES 4: 125-20+ 100-DMA 

*RES 3: 125-09+ 55-DMA 

*RES 2: 125-07 High Nov 

*RES 1: 125-04 High Nov 22 & 23

*PRICE: 124-30 @ 0530GMT

*SUP 1: 124-27 Hourly support Nov 22

*SUP 2: 124-19 Lows Nov 21 & 22

*SUP 3: 124-16 Low Nov 14

*SUP 4: 124-15 Bollinger band base

*COMMENTARY: The 124-160 support confirmed significance last week with bears

needing a close below to initially pressure 124-03/06 where the LT weekly TL is

noted. 125-07/125-25+ where the bear channel top, 55 & 100-DMAs are located

remains key resistance. Overall bulls now need a close above the 55-DMA to gain

breathing room and above 125-25+ to confirm a break of the 100-DMA, ending

bearish hopes and shifting immediate focus to 126-04+/09.

US 10-YR YIELD TECHS: Bulls Need Close Above 2.386

*RES 4: 2.419 - Hourly support Oct 27 now resistance 

*RES 3: 2.386 - Hourly resistance Nov 14 

*RES 2: 2.379 - High Nov 16 

*RES 1: 2.352 - High Nov 24

*PRICE: 2.345 @ 0530GMT

*SUP 1: 2.319 - Low Nov 15 

*SUP 2: 2.318 - 55-DMA 

*SUP 3: 2.306 - 200-DMA 

*SUP 4: 2.282 - 100-DMA

*COMMENTARY: Bulls failed to gain traction above the 21-DMA (2.357) with the

yield rejected ahead of the 2.379-386 resistance and pressuring supports once

more. The 2.273-3.319 support region is key. 55, 100 & 200-DMAs are noted in

this region with bears needing a close below 2.273 to confirm breaks and shift

immediate focus to 2.207. Bulls look for a close above 2.386 to ease bearish

pressure and above 2.419 to return initial focus to 2.477.

EUROSTOXX50 TECHS: Lacking Follow Through Above 55-DMA 

*RES 4: 3642.10 Low Nov 8 now resistance 

*RES 3: 3614.88 21-DMA 

*RES 2: 3601.45 High Nov 13 

*RES 1: 3590.43 55-DMA

*PREVIOUS CLOSE: 3581.23

*SUP 1: 3568.55 Low Nov 24 

*SUP 2: 3545.07 Low Nov 23 

*SUP 3: 3536.21 Low Nov 20 

*SUP 4: 3519.35 Low Nov 15

*COMMENTARY: Despite finding support ahead of 100 (3532.65) and 200 (3515.45)

DMAs last week, bulls have failed to gain traction on pops above the 55-DMA. The

3601.45-3642.1 resistance region is key. Bulls need a close above this region to

confirm breaks of 21 & 55-DMAs with overall focus returning to tests of 2017

highs. Bears look for a close below 3568.55 to return immediate pressure to

3497.29-3536.21.

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

[TOPICS: MTABLE]