MNI European Morning FI Technical Analysis

24 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) Bulls Remain Focused On 163.40-63

*RES 4: 163.63 High Nov 8

*RES 3: 163.53 Bollinger band top

*RES 2: 163.40 High Nov 9

*RES 1: 163.30 High Nov 22

*PREVIOUS CLOSE: 163.06

*SUP 1: 162.85 Hourly support Nov 22

*SUP 2: 162.71 21-DMA

*SUP 3: 162.61 Low Nov 23

*SUP 4: 162.36 Hourly support Nov 14

*COMMENTARY: Wednesday's correction lower from the day's high bounced from the

21-DMA with layers of support building ensuring bulls remain focused on

163.40-63 where the Bollinger top is found. Bulls need a close above 163.63 to

shift focus to 164.52-72 where the daily bull channel top is situated. Bears now

look for a close below 162.61 to ease bullish pressure and below 162.36 to shift

focus to 161.63-99 where the bull channel base and 55-DMA are noted.

BOBL TECHS: (Z17) Watching Narrowing Bollinger Bands

*RES 4: 131.920 Hourly support Nov 7 now resistance 

*RES 3: 131.880 Hourly resistance Nov 9, High Nov 15 

*RES 2: 131.850 High Nov 21 

*RES 1: 131.730 Low Nov 22 now resistance

*PREVIOUS CLOSE: 131.650

*SUP 1: 131.620 Low Nov 23

*SUP 2: 131.536 Bollinger band base

*SUP 3: 131.502 55-DMA

*SUP 4: 131.470 High Oct 23 now support

*COMMENTARY: The rejection ahead of last week's high resulted in a dip back to

the 55-DMA Wednesday. Bulls need a close above 131.730 to return focus to

131.850-880 and above 132.880 to reconfirm immediate focus on retests of

132.060. Bears continue to look for 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 (131.205) is

noted.

SCHATZ TECHS: (Z17) Immediate Focus On 112.150

*RES 4: 112.285 High Nov 15 

*RES 3: 112.265 21-DMA 

*RES 2: 112.240 Low Oct 27 now resistance 

*RES 1: 112.220 High Nov 23

*PREVIOUS CLOSE: 112.190

*SUP 1: 112.150 Low Oct 25 

*SUP 2: 112.109 100-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) & 112.195 with immediate focus shifting to 112.150 and overall

focus to 112.065-109 where the 100-DMA and monthly lows are situated. Below

112.150 adds weight to the bearish case. Bulls now 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: 125.31

*SUP 1: 124.84 Daily Bull channel base 

*SUP 2: 124.75 Low Nov 22 

*SUP 3: 124.45 Low Nov 17 

*SUP 4: 124.25 Low Nov 14

*COMMENTARY: The close above the 100-DMA (125.21) adds to bullish confidence

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

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

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

of 21 (124.77) & 55 (124.55) 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 & 23

*PREVIOUS CLOSE: 99.400

*SUP 1: 99.380 Repeated daily lows Nov

*SUP 2: 99.368 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 (99.377) & 55

(99.368) 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 (99.492) DMAs. Bears now

look for a close below the 55-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) Pressure On 55-DMA

*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: 100.315

*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 currently 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) Layers of Resistance 125-070/25+

*RES 4: 125-20+ 100-DMA 

*RES 3: 125-11+ 55-DMA 

*RES 2: 125-07 High Nov 15 

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

*PRICE: 125-00 @ 0530GMT

*SUP 1: 124-30 21-DMA

*SUP 2: 124-27 Hourly support Nov 22

*SUP 3: 124-19 Lows Nov 21 & 22

*SUP 4: 124-16 Low Nov 14

*COMMENTARY: Despite pressure returning to 124-16 bulls took comfort in support

emerging ahead providing the catalyst for a bounce back towards 125-07/125-25+

where the bear channel top, 55 & 100-DMAs are located. Overall bulls need a

close above 125-07 to gain breathing room and above 125-25+ to confirm breaks of

key DMAs, ending bearish hopes and shifting immediate focus to 126-04+/09. Below

124-16 initially pressures 124-02/06.

US 10-YR YIELD TECHS: Focus Back On Key Supports

*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: 2.349 - Hourly support Nov 22 now resistance

*PRICE: 2.337 @ 0530GMT

*SUP 1: 2.319 - Low Nov 15 

*SUP 2: 2.312 - 55-DMA 

*SUP 3: 2.306 - 200-DMA 

*SUP 4: 2.282 - 100-DMA

*COMMENTARY: Bulls failed to gain traction above the 21-DMA (2.362) with the

yield rejected ahead of the 2.379-386 resistance region 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: Supported Ahead Of Key DMAs 

*RES 4: 3642.10 Low Nov 8 now resistance 

*RES 3: 3618.47 21-DMA 

*RES 2: 3601.45 High Nov 13 

*RES 1: 3596.64 High Nov 22

*PREVIOUS CLOSE: 3572.07

*SUP 1: 3545.07 Low Nov 23 

*SUP 2: 3536.21 Low Nov 20 

*SUP 3: 3519.35 Low Nov 15 

*SUP 4: 3514.16 200-DMA

*COMMENTARY: Correcting O/S daily studies appear to be impacting with the index

remaining supported on dips back towards 3497.29-3536.21 where 100 & 200-DMAs

are noted. Bulls have so far failed to manage closes above the 55-DMA (3588.00)

with a close above 3601.45 needed to ease bearish pressure and above 3642.10 to

target 2017 highs. Bears need a close below 3497.29 to hint at a move to 2017

lows with below 3467.78 confirming.

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

[TOPICS: MTABLE]