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Price Signal Summary - Bounce In Gilts Considered Corrective

  • In the FI space, Bund futures traded higher Thursday and the contract remains in a short-term corrective cycle. The trend outlook is bearish. Recent fresh lows confirmed a resumption of the primary downtrend and maintains the price sequence of lower lows and lower highs. The focus is on the 130.00 handle next. Initial firm resistance is seen at 132.79, the 20-day EMA. The bear trigger is 130.35, the Mar 2 low.
  • Gilt futures remain above 99.20, the Feb 28 low and the contract traded higher Wednesday. Despite the recent bounce, trend conditions are bearish and short-term gains are considered corrective. Recent trend lows maintain the price sequence of lower lows and lower highs. A resumption of weakness would open 99.17, the 1.382 projection of the Feb 20 - 23 - 24 price swing. On the upside, initial resistance is seen at 101.05, the Mar 8 high.

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