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Price Signal Summary - Bull Cycle In Gilts Likely A Correction

OUTLOOK
  • In the FI space, Bund futures have this week breached resistance at 134.77, the Jun 12 high. The latest gains have eased recent bearish pressure and the breach of 134.77 signals scope for a stronger recovery towards 135.85, the Jun 1 high. Initial support lies at the 20-day EMA, at 133.79. A break of the EMA would be a bearish development. Key support and the bear trigger lies at 132.12, the May 26 low.
  • A strong bounce in Gilt futures Friday, resulted in a clear break of resistance at the 20-day EMA. The contract has since pulled back. Short-term gains are considered corrective and a continuation higher would expose key resistance at 97.64, the Jun 1 high. The medium-term trend condition is bearish - a stronger reversal lower and a break of 93.88, the Jun 20 low, would confirm a resumption of the downtrend.
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