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Price Signal Summary - Bull Cycle In Bunds Remains In Play

  • In the FI space, Bund futures maintain a firmer short-term tone following this week’s gains. The contract has traded above 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 on 132.78, the Sep 1 high which has been pierced. A clear break would open 133.45, the Jul 24 high. Key support has been defined at 130.11, the Nov 24 low. Initial support is at 131.74, the Nov 17 high.
  • Gilt futures sold off sharply Thursday. For now, a bull cycle remains in play and key short-term support has been defined at 95.25, the Nov 24 low. The recovery from this level is a positive development and has opened 98.05, the Nov 17 high and a 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 96.10, yesterday’s low.

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