Monday, Apr 22, 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 146.12 119.89 99.795 99.560
3 Day Trend Range Bullish Range Bullish
Weekly Trend Bullish Bullish Bullish Bullish
3rd Resistance 146.39 120.53 99.915 99.610
2nd Resistance 146.32 120.20 99.845 99.590
1st Resistance 146.23 120.03 99.815 99.560
Pivot* 146.06 119.84 99.793 99.553
1st Support 145.85 119.63 99.765 99.520
2nd Support 145.80 119.24 99.740 99.510
3rd Support 145.35 119.03 99.710 99.480
Intraday BUND: Friday's low at 145.85 is braced for renewed pressure, as the bull wave from the April 11 low at 144.93 is becoming unstable. Thursday's marginal high at 146.39 has become a potential bull failure, and the April 17 higher low at 145.35 would become exposed on a break below 145.85. Confirmation of a bull failure at 146.39 would be achieved on a break below 145.35. Regaining ground above 146.23 and then 146.32 is required to open the 146.39 high once more.
Weekly chart BUND trend: Bullish.
Intraday GILT: Bulls are likely to struggle to meet the minimum upside requirement target at 120.03 that defends the April 5 contract high at 120.20. The bull wave from the April 11 low at 118.61 has not yet been validated, and a break below 119.63 would create room for additional downside risk to 119.24 and the April 17 higher low at 119.03. However, only a move below 119.03 would consign last week's high at 120.00 as a bull failure.
Weekly chart GILT trend: Bullish.
Intraday EURIBOR September 2013: The March 1 reaction high at 99.815 remains the focus, following last week's strength. Wednesday's bullish outside day low at 99.765 provides strong support, and bulls remain on track for the 1.618 Fibonacci extension target at 99.845. It would take a concerted push below 99.765 to question the bullish outlook, exposing 99.740.
Weekly chart EURIBOR trend: Bullish.
Intraday SHORT STERLING March 2014: Pressure builds on last week'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
22-04-13 0623GMT
