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Price Signal Summary - Bear Threat In Bunds Still Present

OUTLOOK
  • In the FI space, Bund futures remain in a bear mode condition and the contract is trading closer to its recent lows. The sell-off Monday undermines a recent bullish theme and signals scope for a deeper retracement. The next support to watch is 130.28, 76.4% retracement of the May 31 - Jun 14 rally. It has been pierced, a clear break would further strengthen a bearish threat. Initial firm resistance is at 132.24, the Jun 28 high. Clearance of this level would highlight a potential reversal.
  • Gilt futures traded sharply lower Monday, confirming an extension of the latest bear cycle. Despite yesterday’s gains, the short-term outlook remains bearish. The sell-off signals scope for a continuation near-term towards 96.25,the 76.4% retracement of the May 29 - Jun 21 bull run, where a break would further strengthen a bearish threat. On the upside, initial firm resistance to watch is at 98.24, the Jun 28 high. A break would be seen as a bullish development.
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