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Price Signal Summary - Bear Cycle In Gilts Remains Intact

OUTLOOK
  • In the FI space, Bund futures maintain a bearish theme following last week’s move lower. Support at 134.99, the May 10 low, was breached and this strengthened the bearish theme, paving the way for a continuation near-term. The focus is on key support at 133.10, the Apr 19 low. Key short-term resistance has been defined at 137.29, the May 11 high. Initial resistance is 135.32, the 20-day EMA.
  • Last week’s sell-off in Gilt futures marked an acceleration of the bear cycle. The contract has cleared support at 99.73, the Apr 19 low, and 99.20, the Feb 28 low and a key support level. Note that price has also traded through the late Dec 2022 lows. This confirms a resumption of the downtrend and signals scope for weakness towards 97.00, the 2.00 projection of the May 3 - 10 - 11 price swing. Initial firm resistance is 99.73.
Fixed Income Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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