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Price Signal Summary - Bull Cycle In Bunds Remains In Play

OUTLOOK
  • In the FI space, Bund futures recovered again Thursday and in the process pierced resistance at 137.22, the May 4 high. This reinforces bullish conditions and a continuation higher would open 137.55, the 61.8% retracement of the Mar 20 - Apr 19 bear leg. Clearance of this level would expose 138.09, the Apr 6 high. On the downside, a break below Wednesday’s 134.99 low would open 134.35, the May 2 low. Key support lies at 133.10, the Apr 19 low.
  • Gilt futures traded lower Tuesday and breached support at 100.37, the May 2 low. The move exposed key support at 99.73, the Apr 19 low. However, the latest recovery means that this level remains intact for now. A continuation higher would signal scope for a climb towards the key short-term resistance at 102.46, the May 3 high, where a break is required to reinstate a bullish theme. For bears, a break of 99.73 would strengthen a bearish threat.
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