Thursday, Jan 17, 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 
                  Mar        Mar        Jun       Dec 
Previous Close    143.40     117.25     99.720    99.440 
3 Day Trend       Bullish    Bullish    Range     Bullish 
Weekly Trend      Bearish    Bearish    Bearish   Bearish 
3rd Resistance    144.33     118.35     99.825    99.520 
2nd Resistance    144.11     118.00     99.770    99.500 
1st Resistance    143.77     117.50     99.755    99.440 
Pivot*            143.39     117.17     99.723    99.430 
1st Support       143.12     117.04     99.690    99.410 
2nd Support       142.78     116.70     99.665    99.360 
3rd Support       142.66     115.75     99.630    99.340

Intraday BUND: The Jan. 9 lower high at 143.77 is now within striking distance, following this week's sustained breach of 143.30. The Jan. 11 low at 142.05 was strengthened as a result, and a break above 143.77 would put bulls in control of the short-term, opening 144.33 and creating potential for 144.60. Weakness would attract support while the 142.66/142.78 area holds; it's protected by 143.12.

Weekly chart BUND trend: Bearish.

Intraday GILT: Extends the short-term rally to open the key 117.50 area. Wednesday's strength confirmed a double-bottom pattern on the daily chart, and there is room for gains to the 1.618 Fibonacci extension target at 118.00 and the reversal pattern's 118.35 measured target before a top is forged. Weakness would attract support at 116.70, which is protected by 117.04.

Weekly chart GILT trend: Bearish.

Intraday EURIBOR June 2013: The rally from Tuesday's five-month low at 99.690 looks to test resistance at 99.755. However, the completed bear pennant continuation pattern dominates the daily chart, and upside risk appears limited to 99.770. Renewed bear pressure on 99.690 would threaten a bear wave extension towards a measured target at 99.665 and a downwave equality target at 99.630.

Weekly chart EURIBOR trend: Bearish.

Intraday SHORT STERLING December 2013: Resistance at 99.440 will be broken, as Wednesday's strength negated Tuesday's neutralizing doji candle. A clean break above 99.440 would pave the way for further gains to the 1.618 Fibonacci extension target at 99.500 and the Dec. 10 lower high at 99.520. Support at 99.410 protects the 99.360 higher low and the 99.340 reaction low.

Weekly chart SHORT STG trend: Bearish.

* 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

17-01-13 0718GMT