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Price Signal Summary - Trend Condition In Bunds Remains Bullish

OUTLOOK
  • In the FI space, Bund futures maintain a firmer short-term tone following last week’s continuation higher. On Nov 29, the contract traded above 132.09 the Nov 17 high, confirming a resumption of the uptrend. That break higher maintains the bullish price sequence of higher highs and higher lows and sights are on the 136.00 handle next. Initial firm support lies at 132.81, the 20-day EMA. A short-term pullback would be considered corrective.
  • Gilt futures rallied sharply higher last week. The latest gains resulted in a break of resistance at 98.05, the Nov 17 high, reinforcing bullish conditions and confirming a resumption of the current uptrend. The break higher paves the way for a climb towards 99.41, a Fibonacci projection. On the downside, firm support lies at 96.10, the Nov 30 low. Key short-term trend support has been defined at 95.25, the Nov 24 low. First support is at 97.43, Friday’s low.
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