Technical Weekly 27022007
Equities
The short-term rebound seems to be over as momentum is now weakening.
The hourly chart below shows the DJ Euro Stoxx 50 with three indicators (RSI,Macd and TD Combo) that are already in bearish mode.
As the index approach the February highs, most short–term indicators were already at overbought levels therefore short-term profit taking was a high probability.
As you can see the up-trendline is now broken meaning that I still believe there is a risk of seeing another bearish move (wave c on the daily chart) in the coming days/weeks.
The support level to watch for the DJ Euro Stoxx 50 is unchanged at 3900.
Bonds
The German 10 year bund yield rebounds on the 3.9% up-trendline ; this is clearly visible on the weekly chart below.
A break above the two resistance lines (green and gold lines) would be very bearish for bonds.
The German 10 year bund yield rebounds on the 3.9% up-trendline ; this is clearly visible on the weekly chart below.
A break above the two resistance lines (green and gold lines) would be very bearish for bonds.
Brent
Closed at their highest level in more than two weeks, buoyed by mounting tensions between Iran and the U.K.
Technically speaking the Brent validates a bullish ascending triangle pattern (some people may seen an inverse head an shoulder pattern), which means that the short term target could be 77/78$ in the coming weeks.
Closed at their highest level in more than two weeks, buoyed by mounting tensions between Iran and the U.K.
Technically speaking the Brent validates a bullish ascending triangle pattern (some people may seen an inverse head an shoulder pattern), which means that the short term target could be 77/78$ in the coming weeks.
Euro
Still bullish above 1.326 ; the outlook remains higher above 1.37 in the coming weeks.
Still bullish above 1.326 ; the outlook remains higher above 1.37 in the coming weeks.
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