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Price Signal Summary - Bull Cycle In Bunds Extends

OUTLOOK
  • In the FI space, Bund futures maintain a firmer short-term tone and this week’s gains are a positive development. The contract has traded above resistance at 131.74, the Nov 17 high, confirming a resumption of the uptrend. The break higher maintains the bullish price sequence of higher highs and higher lows and sights are set on 132.78, the Sep 1 high and a key resistance. Key support has been defined at 130.11, the Nov 24 low. Initial support lies at 130.53, the 20-day EMA.
  • A bull cycle in Gilt futures remains in play. Key short-term support is currently seen at 95.25, the Nov 24 low. The latest recovery from this level is a positive development and a continuation higher would open 98.05, the Nov 17 high and bull trigger. On the downside, a break of 95.25 would instead strengthen a bearish threat and expose 94.74, the 2.618 projection of the Nov 17 - 20 - 22 price swing. Initial support lies at 95.91, the 20-day EMA.
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