Tuesday, Nov 11, 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 
                  Dec        Dec        Jun       Jun 
Previous Close    151.11     115.54     99.915    99.220 
3 Day Trend       Range      Range      Range     Bullish 
Weekly Trend      Range      Range      Range     Range 
3rd Resistance    151.59     116.08     99.955    99.310 
2nd Resistance    151.42     115.96     99.940    99.270 
1st Resistance    151.24     115.80     99.930    99.240 
Pivot*            151.26     115.71     99.920    99.227 
1st Support       150.98     115.46     99.910    99.180 
2nd Support       150.91     115.25     99.890    99.160 
3rd Support       150.77     115.05     99.875    99.130

Intraday BUND: The setback from Monday's three-week high at 151.59 targets projected support at 150.91. However, bulls will look to defend 150.91 and Thursday's 150.77 low resolutely, in order to keep the broader bull wave from the Oct. 29 reaction low at 150.06 structurally intact. Recapturing ground above 151.24 and 151.42 is required to question the near-term negative outlook, opening 151.59.

Weekly chart BUND trend: Range.

Intraday GILT: Falls back sharply from Monday's 13-day high at 116.08, and further weakness beckons. That said, short-term bulls will look to defend the important Nov. 3 reaction low at 114.73 resolutely, because a push lower would upgrade the decline from the Oct. 15 contract high at 118.23. The 116.08 high would only become the focus again on a break above 115.80 and 115.96.

Weekly chart GILT trend: Range.

Intraday EURIBOR June 2015: Monday's weakness suggests resistance at 99.930 is heavily guarded. Pressure builds on support at 99.910, and a deeper setback to 99.890 and the Oct. 16 reaction low at 99.875 cannot be ruled out in the coming sessions. Only a concerted wave of bull pressure would manage to force a break above 99.930, opening 99.940 and the Oct. 3 contract high at 99.955.

Weekly chart EURIBOR trend: Range.

Intraday SHORT STERLING June 2015: Challenges resistance at 99.240 that protects the mid-October peaks at 99.270. Friday's bullish outside day underpins the attack on 99.240, and the threat of an upside break will remain valid while Friday's low at 99.180 holds. Only a break below 99.180 would create additional downside risk to last week's low at 99.160.

Weekly chart SHORT STG trend: Range.

* 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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(END) Dow Jones Newswires

11-11-14 0728GMT