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Price Signal Summary - Bear Cycle In Bunds Remains In Play

OUTLOOK
  • In the FI space, Bund futures maintain a softer tone and short-term gains are considered corrective. Resistance at 134.77, the Jun 12 high, remains intact. A break of this level is required to expose key short-term resistance at 135.85, the Jun 1 high. Support at 132.97, the Jun 8 low, was cleared last week and the break opens 132.12, the May 26 low and a bear trigger. Clearance of this level would strengthen bearish conditions. Initial resistance is at 133.92, the 20-day EMA.
  • Gilt futures remain bearish and last week’s move lower reinforces current conditions. The contract has pierced support at 94.21, the May 26 low and bear trigger. A clear break of this level would confirm a resumption of the downtrend and open the 94.00 handle initially. Initial firm resistance is at 96.63, the Jun 9 high. Friday’s high of 95.36 is the first resistance.
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