Thursday, Nov 13, 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 151.33 115.66 99.925 99.280
3 Day Trend Range Range Range Bullish
Weekly Trend Range Range Range Bullish
3rd Resistance 151.84 116.08 99.955 99.400
2nd Resistance 151.71 115.98 99.940 99.350
1st Resistance 151.53 115.82 99.930 99.310
Pivot* 151.45 115.65 99.925 99.263
1st Support 151.13 115.54 99.910 99.270
2nd Support 150.97 115.31 99.890 99.240
3rd Support 150.77 115.13 99.875 99.200
Intraday BUND: The failure to meet an upside equality target at 151.79 on Wednesday should concern bulls greatly. Wednesday's gravestone doji candle tempers the short-term recovery from the Oct. 29 base at 150.06, and weakness at Thursday's open will look to challenge the intra-wave higher low at 150.97. That 150.97 low is pivotal, because a push lower would signal further weakness to the Nov. 6 higher low at 150.77, and bolster Wednesday's pending bull failure high at 151.71. That 151.71 high would only be re-opened on a break above 151.53.
Weekly chart BUND trend: Range.
Intraday GILT: A trading range is being established between the important Nov. 3 reaction low at 114.73 and Monday's 116.08 high. The setback from 115.98 on Wednesday is set to extend into Thursday's session, exposing support at 115.31 and Tuesday's low at 115.13. A full retracement to the 114.73 low would be signalled on a break below 115.01. Recapturing ground above 115.82 is required to re-open 115.98 and the 116.08 high.
Weekly chart GILT trend: Range.
Intraday EURIBOR June 2015: Pressure continues to build on resistance at 99.930. Support at 99.910 has refused to buckle this week, indicating a strong underlying uptrend, and concerted bull pressure on 99.930 would lead to a push higher, opening 99.940 and the Oct. 3 contract high at 99.955. Support at 99.910 prevents a deeper setback to 99.890 and the Oct. 16 reaction low at 99.875.
Weekly chart EURIBOR trend: Range.
Intraday SHORT STERLING June 2015: Pushed to its highest level since May 2013 on Wednesday, to meet a wave equality target at 99.310. A corrective setback from 99.310 is underway, although scope for corrective weakness is limited to 99.240. The broader bull wave from the Oct. 17 reaction low at 99.090 has potential upside scope to 99.400, where a 1.618 Fibonacci extension lies.
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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(END) Dow Jones Newswires
13-11-14 0711GMT
