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Price Signal Summary - Bull Cycle In Bunds Remains In Play

OUTLOOK
  • In the FI space, Bund futures pushed higher again Thursday. Bullish conditions remain intact and the focus is on 137.55, 61.8% retracement of the Mar 20 - Apr 19 bear leg. Clearance of this level would open 138.09, the Apr 6 high. On the downside, key short-term support has been defined at the Apr 19 low of 133.10. This is the bear trigger and a break would reinstate the recent bearish theme. Initial firm support is at 135.28, the 20-day EMA.
  • Gilt futures maintain a short-term bullish tone despite the pullback from Wednesday’s high. Recently, resistance at the 20-day EMA which intersects at 101.94, has been breached. This opens 102.63, 38.2% of the Mar 20 - Apr 19 bear leg. A break of this retracement would strengthen bullish conditions. On the downside, key support and the bear trigger has been defined at 99.73, the Apr 19 low. Clearance of this level would resume the downtrend that started Mar 20. Initial firm support is at 100.37, the May 2 low.
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