Tuesday, Apr 23, 2013
By Francis Bray, CFTe MSTA
A DOW JONES NEWSWIRES COLUMN
LONDON (Dow Jones)--Rolling 24-hour chart levels:
Futures: BUND GILT EURIBOR SHORT STG
Jun Jun Sep Mar
Previous Close 146.21 120.05 99.805 99.560
3 Day Trend Bullish Bullish Range Bullish
Weekly Trend Bullish Bullish Bullish Bullish
3rd Resistance 146.64 120.54 99.915 99.610
2nd Resistance 146.54 120.42 99.845 99.590
1st Resistance 146.43 120.20 99.815 99.560
Pivot* 146.12 119.93 99.802 99.557
1st Support 146.00 120.00 99.780 99.520
2nd Support 145.72 119.58 99.765 99.510
3rd Support 145.35 119.30 99.740 99.480
Intraday BUND: The strong recovery from Monday's 145.72 low brings the focus back onto the April 5 reaction high at 146.54. Monday's action produced a bullish outside day, and three minimum upside requirement targets between 146.64 and 146.76 lie close to the all-time traded high at 146.89 set in June 2012. Weakness will attract support while the contract trades above 146.00/146.05, defending Monday's low at 145.72.
Weekly chart BUND trend: Bullish.
Intraday GILT: A push into fresh contract highs above 120.20 is expected, as bulls maintain their relentless push higher. Measured upside targets at 120.42 and 120.54 would become achievable on a clean break above 120.20, and a broader 1.618 Fibonacci extension target lands at 120.65. The former intra-day range between 119.58 and 120.00 provides strong support to limit corrective downside risk.
Weekly chart GILT trend: Bullish.
Intraday EURIBOR September 2013: Pressure builds on the March 1 reaction high at 99.815, following Monday's gains. A push into fresh four-month highs above 99.815 is expected this week, and bulls remain on track for the 1.618 Fibonacci extension target at 99.845. The Dec. 7 contract high at 99.915 would also be opened once more on a sustained break above 99.815. Weakness will attract support while above 99.780, defending 99.765 and then 99.740.
Weekly chart EURIBOR trend: Bullish.
Intraday SHORT STERLING March 2014: Pressure continues to build on last week's and Monday's high at 99.560, as bulls threaten further gains towards 99.590. The two-week 99.510/99.550 range will be left behind on a clean break above 99.560, opening the measured upside objective at 99.590 and bringing the March 1 contract high at 99.610 within striking distance this week. Support at 99.510/99.520 limits scope for corrective downside risk.
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.
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TALK BACK: We invite readers to send us comments on this or other financial news topics. Please email us at TalkbackEurope@dowjones.com. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments
(END) Dow Jones Newswires
23-04-13 0611GMT
