MNI China Daily Summary: Thursday, December 12

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OUTLOOK: Price Signal Summary - Reversal In Gilts

OUTLOOK
  • In the FI space, Bund futures have recovered from Monday’s low and from levels just below support at the 50-day EMA, at 133.43. Recent short-term weakness still appears to be corrective and this has allowed an overbought condition to unwind. First resistance is 134.49, the Aug 29 high, where a break would strengthen a near-term bullish condition. This would open 135.17, the Aug 14 high. On the downside, a clear break of the 50-day EMA would highlight scope for a deeper retracement.
  • Gilt futures recovered Tuesday. The move signals the end of the recent corrective cycle and highlights an early reversal. The trend outlook is bullish and this is reinforced by a bullish moving average set-up on the continuation chart. An extension higher would signal scope for a move towards the next firm resistance at 99.85, the Aug 22 high. On the downside, clearance of support at 98.11, Sep 2 low, would reinstate the recent bearish theme.
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