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Bund, Bobl and Schatz

By:   Technical Analysis Reports
  • 2009-02-07 13:18:00 GMT
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German Bund
Narrow range leaves the outlook unchanged.. Sellers captured the topside at
121.15 and this came lower. Buyers once more came in at 120.77/76 which is
close to the 38% short term fib.

Same rules apply today however. If buyers take charge this morning you still
have the 121.26/29 to navigate through. Sellers will be waiting here looking to
keep a lid on it. Buyers would be advised to take profits here. Only above
here would buyers re-instate longs, looking for 121.40. Profit taking would be
advisable here. Buyers interest would only be rekindled if this was above
121.40 for 121.52/58.

Again, if the sellers can this and 120.90 breaks look once more for the
120.79/76 support to entice. Here sellers would once more short cover. Below
120.75 sees this come lower for 120.67/66 initially, but with greater potential
for 120.58/57. Obviously shorts are to be covered to here.


German Bobl
Bobl stayed traded within a tight band going sideways, so the outlook remains
unchanged for this session. You have seen this close above 115.425. For today
buyers need to defend this support as a failure to do so leaves the market liable to
downside moves with once more the 115.25/23 support coming under pressure
once more.

Buyers will be waiting here, but they will bow to selling pressure if the sellers can
break through the 50% short term fib level of 115.19. A break below here sees
sellers in control and declines to 115.08 should follow. Sellers will only then get
involved if 115.08 breaks.

Now if buyers can manage to keep above 115.42 you should see the 115.56/59 resistance
band coming into focus once more. Here buyers will be looking to take
profits. Above here keeps the buyers on their toes and they will lead this to
115.64/69. Here sellers will be waiting and it is only above 115.71 that the sellers
will jump ship and leave buyers to raise this market to 115.805.


Schatz
Schatz stayed within an extremely narrow band yesterday, and although broke
the 107.97 short term trendline, it quickly came back blow here and maintained
the sideways trading for the rest of the session, well within the 107.91 to 107.97
band.

Above 107.99 sees this come higher with 108.03/035 the short term objective.
Buyers will look to cover here. Sellers may test the water, but they will be ready
and waiting to desert shorts if buyers break above here. Buyers will be ready
then to take this to 108.09 which has proved to be excellent pivotal point for this
market. Sellers will feel more comfortable selling here as well.. Initially go with
the sellers, but keeping wits about you if a break above 108.10 occurs.

Support is located at 107.91/89. If sellers get the better of the buyers and break
below this level look for a pullback to 107.85/83. Here buyers will re-enter the
market and would only reverse longs below 107.795.

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With a career spanning almost 30 years, Carol Harmer is undoubtedly one of the most respected and established technical analysts in the UK and is a founding member of the STA. (The Society of Technical Analysts) Carol’s career started in 1981 on the futures trading floor for LIFFE. 1983 ...

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