MNI European Morning FI Technical Analysis

30 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) Below 162.36 Confirms Focus On 161.49-162.03

*RES 4: 163.40 High Nov 9

*RES 3: 163.32 High Nov 28

*RES 2: 162.97 Hourly support Nov 28 now resistance

*RES 1: 162.71 Hourly support Nov 29 now resistance

*PREVIOUS CLOSE: 162.61

*SUP 1: 162.36 Hourly support Nov 14

*SUP 2: 162.13 Bollinger band base

*SUP 3: 162.03 55-DMA

*SUP 4: 161.88 Daily Bull channel base off July 7 low

*COMMENTARY: Bears take comfort in the close below the shorter-term bull channel

base and 21-DMA (162.81) but still need a close below 162.36 to confirm focus on

161.49-162.03 where 55 & 100-DMAs and the longer term bull channel base are

found. Layers of resistance are building and weighing with bulls now needing a

close above 162.97 to return pressure to the key 162.32-63 resistance region.

Daily studies are now correcting from modestly O/B levels.

BOBL TECHS: (Z17) 131.58-65 Resistance Region Key Today

*RES 4: 131.850 High Nov 21 

*RES 3: 131.820 High Nov 28 

*RES 2: 131.650 Hourly resistance Nov 29 

*RES 1: 131.580 Hourly support Nov 29 now resistance

*PREVIOUS CLOSE: 131.500

*SUP 1: 131.440 Low Nov 29

*SUP 2: 131.290 Low Nov 22

*SUP 3: 131.274 100-DMA

*SUP 4: 131.090 Low Oct 25

*COMMENTARY: Bears take comfort in Wednesday's sell-off following the lack of

topside follow through Tuesday. Bearish focus now shifts to the 131.274-290

region where the 100-DMA is situated. Below the 100-DMA is now needed to target

130.90-131.09. The 131.58-65 resistance region is key today. Bulls need a close

above this region to ease immediate bearish pressure. Above 131.880 is needed to

reconfirm a bullish bias initially targeting 131.880.

SCHATZ TECHS: (Z17) Bulls Need Close Above 21-DMA

*RES 4: 112.285 High Nov 15 

*RES 3: 112.257 21-DMA 

*RES 2: 112.240 Low Oct 27 now resistance 

*RES 1: 112.235 High Nov 28

*PREVIOUS CLOSE: 112.190

*SUP 1: 112.163 Daily Bear channel base 

*SUP 2: 112.150 Low Oct 25 

*SUP 3: 112.126 100-DMA 

*SUP 4: 112.105 Low Oct 6

*COMMENTARY: Oscillation around the 55-DMA (112.204) continues with the contract

remaining heavy and immediate focus now on 112.126-163 where the bear channel

base and 100-DMA are situated. Bulls now need a close above the 21-DMA to ease

bearish pressure and to shift focus back to 112.285-315. O/S daily studies and

the Bollinger band base (112.187) remain key concerns for bears with potential

to limit follow through.

GILT TECHS: (H18) Below 123.15 Initially Targets Oct Low

*RES 4: 124.60 High Nov 28 

*RES 3: 124.18 Low Nov 27 now resistance 

*RES 2: 123.89 High Nov 29 

*RES 1: 123.54 55-DMA

*PREVIOUS CLOSE: 123.38

*SUP 1: 123.29 Low Nov 29 

*SUP 2: 123.27 Bollinger band base 

*SUP 3: 123.15 Low Nov 20 

*SUP 4: 122.44 Monthly Low Oct 25

*COMMENTARY: The correction lower from 124.60 continues with closes below the

55-DMA and bull channel base ending bearish hopes and seeing pressure back on

the 123.15 support. Bears need a close below this level to confirm focus on

tests of the 122.44 Oct monthly low. Daily studies are well placed for further

downside. Bulls now need a close above 123.89 to ease bearish pressure and above

124.18 to shift focus back to 124.60-94.

SHORT-STERLING TECHS: (H18) 99.350 & 99.410 Levels Remain Key

*RES 4: 99.445 100-DMA

*RES 3: 99.424 High Sept 15

*RES 2: 99.410 High Sept 15 & Nov 22-27

*RES 1: 99.390 Alternating daily support/resistance

*PREVIOUS CLOSE: 99.380

*SUP 1: 99.370 Low Nov 3, 28 & 29

*SUP 2: 99.358 55-DMA

*SUP 3: 99.350 Alternating daily support/resistance

*SUP 4: 99.310 Low Nov 1

*COMMENTARY: Hesitation at the 99.410 level so far in Nov has resulted in a

correction back to the 99.350-370 region where the 55-DMA is located. Bears look

for a close below 99.370 to confirm a break of the 21-DMA (99.387) easing

bullish pressure, and below 99.350 to shift focus back to 99.300-310 where 2017

lows are noted. Bulls continue to look for a close above 99.410 to add support

to their case for a test of 100 (99.445) & 200 (99.490) DMAs.

EURIBOR TECHS: (M18) Bears Need Close Below 55-DMA

*RES 4: 100.333 - Daily Bull channel top 

*RES 3: 100.320 - Monthly High Oct 

*RES 2: 100.315 - Repeated daily highs Nov 

*RES 1: 100.314 - 21-DMA

*PREVIOUS CLOSE: 100.310

*SUP 1: 100.305 - Low Nov 24 & 27 - 28

*SUP 2: 100.303 - 55-DMA

*SUP 3: 100.295 - Low Oct 26

*SUP 4: 100.290 - 100-DMA

*COMMENTARY: The contract is finding support around the bull channel base

(100.308) off Sept lows and ahead of the 55-DMA. Bears need a close below the

55-DMA to confirm a break of the channel base, shifting immediate focus to

100.295 and overall focus to 100.285-290 where the 100-DMA is situated. Bulls

need a close above 100.315 to gain breathing room and above 100.320 to confirm

focus on the bull channel top.

US 10-YR FUTURE TECHS: (H18) 124-06+ Support Remains Key

*RES 4: 125-04+ Bollinger band top 

*RES 3: 125-00  High Nov 28 

*RES 2: 124-27+ Hourly resistance Nov 28 

*RES 1: 124-19  Low Nov 27 now resistance

*PRICE: 124-11 @ 0530GMT

*SUP 1: 124-08+ Low Nov 29

*SUP 2: 124-06+ Low Nov 14, Bollinger band base

*SUP 3: 123-27  Lows Oct 25 & 27

*SUP 4: 123-12+ Daily Bear channel base

*COMMENTARY: The pop above the 55-DMA (124-28) lacked follow through Tuesday

remaining capped around the bear channel top coming in at 124-29 today. The

sell-off sees pressure back on the key 124-06+ support with bears needing a

close below to confirm focus on 123-12+/27 where the bear channel base is

situated. Bulls now need a close above 124-19 to gain breathing room and above

125-00 to hint at a move back to 125-25+.

US 10-YR YIELD TECHS: Bears Need Close Below 21-DMA

*RES 4: 2.477 - Monthly High Oct 27 

*RES 3: 2.419 - Hourly support Oct 27 now resistance 

*RES 2: 2.405 - Bollinger band top 

*RES 1: 2.395 - High Nov 29

*PRICE: 2.385 @ 0530GMT

*SUP 1: 2.374 - Hourly support Nov 29 

*SUP 2: 2.352 - 21-DMA 

*SUP 3: 2.310 - Low Nov 28 

*SUP 4: 2.305 - 200-DMA

*COMMENTARY: Pressure on the 200-DMA failed to produce a break lower with bulls

taking comfort in the close above the 21-DMA that sees bullish focus return to

the 2.419 resistance. Bulls need a close above this level to shift initial focus

to tests of Oct highs. Bears now need a close below the 21-DMA to ease bullish

pressure and return focus to the 2.273-3.305 support region where 100 & 200-DMAs

are noted. Daily studies are better placed for leg higher than lower.

EUROSTOXX50 TECHS: Topside Follow Through Still Lacking 

*RES 4: 3670.47 Low Nov 6 now resistance 

*RES 3: 3642.10 Low Nov 8 now resistance 

*RES 2: 3620.01 High Nov 10 

*RES 1: 3605.40 Hourly resistance Nov 29

*PREVIOUS CLOSE: 3590.06

*SUP 1: 3559.13 Low Nov 28 

*SUP 2: 3545.07 Low Nov 23 

*SUP 3: 3536.21 Low Nov 20 

*SUP 4: 3519.35 Low Nov 15

*COMMENTARY: Topside follow through remains elusive following yet another spike

above the 55-DMA (3594.19) and also the 21-DMA (3602.94) this time. The 3642.10

resistance is key with bulls needing a close above to confirm breaks of 21 &

55-DMAs with overall focus returning to tests of 2017 highs. Bears remain

focused on 3497.29-3536.21 where 100 (3535.44) and 200 (3519.48) DMAs are

situated. Below 3497.29 then shifts focus to 3363.68 Aug lows.

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

[TOPICS: MTABLE]