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OUTLOOK: Price Signal Summary - Sell-Off In Bunds Exposes Support

OUTLOOK
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  • In the FI space, Bund futures traded sharply higher Tuesday and this resulted in a break above key resistance and a bull trigger at 135.66. A clear break of this hurdle confirms a resumption of the medium-term uptrend and paves the way for a climb towards 136.77, a Fibonacci projection. The contract has pulled from its latest highs and is again trading lower, today. The move down appears to be a correction - for now. Initial firm support lies at 134.59, the 20-day EMA.
  • A bear threat in Gilt futures remains present - for now - and this week’s extension reinforces the bearish theme. The contract has traded through support at 98.11, the Sep 2 low and a bear trigger. The break strengthens the downtrend, signalling scope for a deeper retracement, towards 97.47, 0.618 projection of the Sep 17 - 30 - Oct 1 price swing. Initial firm resistance has been defined at 99.47, the Oct 1 high and just above the 20-day EMA.
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  • In the FI space, Bund futures traded sharply higher Tuesday and this resulted in a break above key resistance and a bull trigger at 135.66. A clear break of this hurdle confirms a resumption of the medium-term uptrend and paves the way for a climb towards 136.77, a Fibonacci projection. The contract has pulled from its latest highs and is again trading lower, today. The move down appears to be a correction - for now. Initial firm support lies at 134.59, the 20-day EMA.
  • A bear threat in Gilt futures remains present - for now - and this week’s extension reinforces the bearish theme. The contract has traded through support at 98.11, the Sep 2 low and a bear trigger. The break strengthens the downtrend, signalling scope for a deeper retracement, towards 97.47, 0.618 projection of the Sep 17 - 30 - Oct 1 price swing. Initial firm resistance has been defined at 99.47, the Oct 1 high and just above the 20-day EMA.