Friday, Jun 29, 2012
By Francis Bray, CFTe MSTA
A DOW JONES NEWSWIRES COLUMN
LONDON (Dow Jones)--Rolling 24-hour chart levels:
Futures: BUND GILT EURIBOR SHORT STG
Sep Sep Jun Jun
Previous Close 141.67 119.93 99.475 99.310
3 Day Trend Range Range Range Range
Weekly Trend Bearish Range Bullish Bullish
3rd Resistance 142.26 120.36 99.570 99.400
2nd Resistance 142.01 120.25 99.525 99.370
1st Resistance 141.79 120.10 99.490 99.350
Pivot* 141.60 119.97 99.475 99.320
1st Support 141.30 119.69 99.445 99.290
2nd Support 140.98 119.45 99.425 99.240
3rd Support 140.52 119.07 99.395 99.220
Intraday BUND: Single print support at 141.30 from Thursday's Market Profile will be the target at Friday's weak open. However, only a break below Wednesday's low at 140.98 would create scope for a deeper setback towards 140.52 and the important June 20 reaction low at 140.17. Keeping 140.98 intact would prompt a recovery back towards 141.79, threatening 142.01 and the week's high at 142.26.
Weekly chart BUND trend: Bearish.
Intraday GILT: The 119.69/119.72 upside gap will be challenged, as resistance at 120.25 protects the three-week range ceiling. However, only a move below 119.45 would spark additional weakness towards intra-range higher lows at 119.07 and 118.92. Regaining ground above 120.10 would bring the 120.25/120.36 highs back into the picture, threatening an upside extension to the 120.85 area.
Weekly chart GILT trend: Range.
Intraday EURIBOR June 2013: A trading range between 99.445 and Monday's contract high at 99.525 has been established. Support at 99.445 protects the important projected support level at 99.425, and the overall tone will remain positive while 99.425 is safe. A push above 99.490 would bring the 99.525 contract high back into the immediate picture, threatening a broader uptrend extension towards 99.570.
Weekly chart EURIBOR trend: Bullish.
Intraday SHORT STERLING June 2013: The sharp setback from Thursday's 99.350 high brings the focus back onto support at 99.290. The upside gap at 99.240 will be targeted on a push below 99.290, threatening further weakness towards bear targets at 99.220 and 99.210. Keeping support at 99.290 intact would maintain the six-day eight tick rectangle range, prompting a rally back towards 99.350 and 99.370.
Weekly chart SHORT STG trend: Bullish.
* The pivot is the sum of the high, low and close divided by 3.
For more technical analysis see: Dow Jones Newswires, N/DJTA; Bloomberg, NI DJTA; and Reuters key word search "INSI-DJN"
By Francis Bray; Dow Jones Newswires; +44 (0)207 842 9249; email@example.com
Francis Bray is Dow Jones' chief technical analyst for Europe, and has worked as a technical analyst and trader for 20 years in London, Barcelona and Guernsey.
Data provided by CQG International Ltd.
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