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Price Signal Summary - Bear Threat In Gilts Remains Present

OUTLOOK
  • In the FI space, a clear downtrend in Bund futures remains intact and short-term gains are considered corrective. The recent move lower has strengthened the current bear trend and maintains the price sequence of lower lows and lower highs. Key support at the Dec 8 low of 134.37, has recently been breached and this opens 133.42, the Dec 4 low. Initial resistance is at 134.97, the 20-day EMA. A clear break of the average would ease bearish pressure.
  • The trend needle in Gilt futures continues to point south and yesterday’s low print reinforces current conditions. The contract recently cleared support at 99.60, the Jan 5 low. This confirmed a resumption of the downtrend that started Dec 27, signalling scope for an extension towards 97.39, the Dec 11 low. Firm resistance to watch is 99.54, the 20-day EMA. A clear break of the average would ease bearish pressure.
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