MNI European Morning FI Technical Analysis

30 April 2018

By Kyle Shortland

Please click on this link to access MNI's daily European FI Technical Analysis

Pdf - http://tinyurl.com/nhjogts

BUND TECHS: (M18) Above 21-DMA Initially Targets 159.55-69

*RES 4: 160.12 Bollinger band top

*RES 3: 159.69 Monthly High Mar 28

*RES 2: 159.55 High Apr 18

*RES 1: 158.92 21-DMA

*PREVIOUS CLOSE: 158.60

*SUP 1: 158.44 Hourly support Apr 27

*SUP 2: 157.90 Hourly resistance Apr 26 now support

*SUP 3: 157.43 Low Mar 24

*SUP 4: 157.34 Low Mar 14

*COMMENTARY: Support emerging below the 55-DMA (157.63) combined with O/S daily

studies impacted to ease bearish pressure with a close above the 100-DMA

(158.08) and sees focus on the 21-DMA. Bulls need a close above the 21-DMA to

return focus to 159.55-69 where Mar & Apr highs are noted. Bears look for a

below 158.44 to ease pressure on the 21-DMA and below 157.37 to confirm traction

below the 55-DMA (157.69) initially targeting 156.02-22.

     BOBL TECHS: (M18) 21-DMA Resistance Key Today

*RES 4: 131.310 High Apr 3 

*RES 3: 131.240 High Apr 6 

*RES 2: 131.127 100-WMA 

*RES 1: 131.005 21-DMA

*PREVIOUS CLOSE: 130.900

*SUP 1: 130.780 Hourly resistance Apr 26 now support

*SUP 2: 130.704 100-DMA

*SUP 3: 130.557 55-DMA

*SUP 4: 130.550 Low Apr 25

*COMMENTARY: Bulls take comfort in support emerging ahead of the 55-DMA with

immediate focus now on the 21-DMA. Bulls now look for a close above the 21-DMA

to shift focus to 131.127-310 where the 100-WMA, Mar & Apr highs are located.

Bears now need a close below the 100-DMA to gain breathing room and below

130.510 to shift initial focus to 130.210 and overall focus to 129.840.

     SCHATZ TECHS: (M18) Bulls Now Need Close Above 111.945

*RES 4: 111.990 Monthly High Mar 28 

*RES 3: 111.975 Bollinger band top 

*RES 2: 111.945 Highs Apr 5 & 6 

*RES 1: 111.930 Highs Apr 10 & 13

*PREVIOUS CLOSE: 111.895

*SUP 1: 111.875 Low Apr 27 

*SUP 2: 111.830 Low Mar 14 

*SUP 3: 111.805 Low Mar 9 

*SUP 4: 111.715 Low Feb 27

*COMMENTARY: The lack of follow through on dips below the 100-DMA (111.833)

resulted in a pop above the 21-DMA (111.930). Bulls need a close above 111.945

to confirm traction above the 21-DMA and shift initial focus back to 111.975-990

where the Bollinger top is noted. Bears now look for a close below 111.875 to

gain breathing room and below 111.805 to confirm traction below DMAs and

initially target 111.715. The Bollinger base (111.830) is key concern for bears.

     GILT TECHS: (M18) 100-DMA Now Capping

*RES 4: 123.03 High Apr 4 

*RES 3: 122.84 Highs Apr 11 & 18 

*RES 2: 122.19 Alternating hourly support/resistance 

*RES 1: 122.13 100-DMA

*PREVIOUS CLOSE: 121.93

*SUP 1: 121.49 High Apr 26 now support 

*SUP 2: 121.07 Low Mar 26 

*SUP 3: 120.69 Low Mar 21 

*SUP 4: 120.48 Low Feb 27

*COMMENTARY: Bulls take comfort in support emerging ahead of 120.69 that now

sees the contract pressuring the 100-DMA as O/S daily studies correct. Bulls now

need a close above the 100-DMA to shift initial focus to 122.84-123.03 where

monthly highs are situated. Initial support is now noted at 121.49 with bears

needing a close below to ease pressure on the 100-DMA. Bears then need a close

below 120.69 to hint at a move back to 119.29-83 with below 120.29 to confirm.

     SHORT-STERLING TECHS: (M18) 99.270 Resistance Key This Week

*RES 4: 99.310 High Feb 7

*RES 3: 99.298 200-DMA

*RES 2: 99.270 Lows Feb 2 & 5 now resistance

*RES 1: 99.250 High Apr 27

*PREVIOUS CLOSE: 99.240

*SUP 1: 99.231 100-DMA

*SUP 2: 99.220 Repeated daily highs Feb now support

*SUP 3: 99.210 High Apr 20 now support

*SUP 4: 99.180 Highs Apr 25 & 26 now support

*COMMENTARY: Bears failed to take out the 99.145-160 support region last week

with the aggressive bounce Friday seeing a close above the 100-DMA and focus now

on 99.270. Daily studies are very O/B and the Bollinger top (99.214) is also a

concern. Bears now look for a close below 99.210 to ease bullish pressure and

shift focus back to the 99.145-160 support region.

     EURIBOR TECHS: (Z18) 100.295 & 100.305 Levels Remain Key

*RES 4: 100.340 - High Oct 10 2016 

*RES 3: 100.325 - High Oct 19 2016, High Dec 15 

*RES 2: 100.320 - Repeated Daily highs Dec 

*RES 1: 100.305 - 2018 High Mar 27 & 28, Apr 6 & 9

*PREVIOUS CLOSE: 100.300

*SUP 1: 100.295 - Repeated daily lows Apr

*SUP 2: 100.285 - Daily Bull channel base off 2018 Low, 55-DMA

*SUP 3: 100.275 - High Mar 7 now support

*SUP 4: 100.272 - 100-DMA

*COMMENTARY: Continued hesitation around 2018 highs saw pressure on the 100.295

support. Bears continue to look for a close below this level to shift initial

focus back to 100.272-285 where 55 & 100-DMAs and the bull channel base off 2018

lows are noted. Bulls still need a close above 100.305 to target 100.320-340

with the daily bull channel top now noted at 100.322.

     US 10-YR FUTURE TECHS: (M18) O/S Daily Studies Impacting

*RES 4: 120-07+ 55-DMA

*RES 3: 120-06+ High Apr 19

*RES 2: 120-02+ Low Apr 18 now resistance

*RES 1: 119-29+ High Apr 20

*PRICE: 119-14 @ 0430GMT

*SUP 1: 119-09  High Apr 25 now support

*SUP 2: 118-31  2018 Low Apr 25

*SUP 3: 118-24  Low Apr 13 2011

*SUP 4: 117-29+ Monthly Low Apr 8 2011

*COMMENTARY: O/S daily studies look to be impacting with the contract closing

the week above 119-14+. Bulls now look for a close above Y120-06+ to initially

target a correction back to 120-21+/24. Bulls take comfort in the 119-09 level

supporting Friday with bears needing a close below to retain initial focus on

retests of 2018 lows and overall focus on 117-22+/118-24 where the weekly bear

channel base and 2011 low are located.

     US 10-YR YIELD TECHS: Capped Ahead Of 2014 High

*RES 4: 3.041 - 2014 High Jan 2 

*RES 3: 3.035 - 2018 High Apr 25 

*RES 2: 3.018 - Hourly support Apr 26 now resistance 

*RES 1: 2.988 - High Apr 27

*PRICE: 2.959 @ 0430GMT

*SUP 1: 2.955 - Low Apr 27 

*SUP 2: 2.925 - Hourly support Apr 20 

*SUP 3: 2.904 - Low Apr 20 

*SUP 4: 2.876 - High Apr 18 now support

*COMMENTARY: Hesitation ahead of 2014 highs & 3.041-073 is a concern given daily

studies correcting from O/B and the proximity of the Bollinger top (3.039). The

close below 3.007 initially targets a correction to 2.925. Below 2.925 is needed

to shift initial focus back to 2.814-876 where 21 (2.867) & 55 (2.862) DMAs are

situated. Bulls look for a close above 3.073 to shift focus 3.183-223 where the

weekly bull channel top is noted.

     EUROSTOXX50 TECHS: 3523.81 Resistance Still Key

*RES 4: 3600.36 Low Jan 21 now resistance 

*RES 3: 3570.95 Alternating daily support/resistance 

*RES 2: 3559.37 Bollinger band top 

*RES 1: 3523.81 High Apr 24

*PREVIOUS CLOSE: 3518.78

*SUP 1: 3502.91 Hourly support Apr 26 

*SUP 2: 3464.35 Low Apr 25 

*SUP 3: 3435.58 Low Apr 16 

*SUP 4: 3411.63 Low Apr 11

*COMMENTARY: Bulls take comfort in the close above the 200-DMA (3511.33) to end

last week with pressure firmly on 3523.81. Bulls look for a close above 3523.81

to end bearish hopes, shift initial focus to 3570.95-3600.36 and overall focus

to 2018 highs. Support layers building adds to bullish confidence with bears now

needing a close below 3502.91 to gain breathing room and below 3464.35 to

initially pressure 3383.17-3435.58.

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

[TOPICS: MTABLE]