Friday, Feb 14, 2014


 
   By Francis Bray, CFTe MSTA 
   A DOW JONES NEWSWIRES COLUMN

LONDON (Dow Jones)--Rolling 24-hour chart levels: 


 
Futures:          BUND       GILT       EURIBOR   SHORT STG 
                  Mar        Mar        Dec       Dec 
Previous Close    143.81     109.75     99.745    99.200 
3 Day Trend       Range      Bearish    Bullish   Bearish 
Weekly Trend      Bullish    Bullish    Bullish   Bullish 
3rd Resistance    144.57     110.50     99.800    99.280 
2nd Resistance    144.14     110.30     99.765    99.260 
1st Resistance    143.98     110.02     99.755    99.220 
Pivot*            143.72     109.76     99.742    99.200 
1st Support       143.58     109.70     99.735    99.170 
2nd Support       143.51     109.43     99.705    99.160 
3rd Support       143.24     109.30     99.690    99.090

Intraday BUND: Thursday's strength left Wednesday's low at 143.09 as a pending bear failure, and bulls are targeting a break above 144.14. Thursday's high at 143.98 and the Feb. 7 lower high at 144.14 are the key levels that bulls need to exceed, in order to re-open the Feb. 5 contract high at 144.57. A bear failure would be cemented on a break above 144.14. Intra-day support at 143.51/143.58 helps to shield the 143.09 low.

Weekly chart BUND trend: Bullish.

Intraday GILT: Resistance at 110.02 is braced for renewed pressure, having found respite from Wednesday's collapse to 109.30. The mid-way point of the broader 111.09/109.30 decline at 110.19 is an important level to break, as this would create additional upside risk to the 110.46/110.50 area. Support at 109.70 and 109.43 shield the 109.30 low.

Weekly chart GILT trend: Bullish.

Intraday EURIBOR December 2014: The Jan. 31 peak at 99.765 is targeted, following Thursday's strength. Pressure is building on the ceiling of the recent trading range between 99.690 and 99.755, and room to 99.800 would be signalled on a break above 99.755. Internal support at 99.735 and 99.705 protect the Feb. 6 reaction low at 99.690.

Weekly chart EURIBOR trend: Bullish.

Intraday SHORT STERLING December 2014: Resistance at 99.220 blocked Thursday's recovery, leaving a bearish inside day. Wednesday's low at 99.170 remains under threat, and the mid-point of the broader 99.030/99.300 advance at 99.160 is now the focus. The late January higher lows at 99.090 would be exposed on a break below 99.160. Resistance at 99.220 and 99.260 indicates upside scope is hampered.

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.

(END) Dow Jones Newswires

14-02-14 0709GMT