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; francis.bray@dowjones.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.

This is a financial news and information service. It is provided in general terms and does not take account of or address any individual user's position. To the extent that this article includes suggestions as to various possible investment strategies which users might consider, it does so in only general terms without reference to the personal factors which should determine any user's investment decisions. Nothing contained in this service constitutes personalized investment advice. Dow Jones does not warrant the accuracy, completeness or timeliness of the information in this article, and any errors shall not be made the basis for any claim against Dow Jones. The author does not invest in the instruments or markets cited in this article. This article does not constitute or form part of any invitation or inducement to buy or sell any security.

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(END) Dow Jones Newswires

29-06-12 0551GMT