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Price Signal Summary - Bull Cycle In Gilts Remains In Play

OUTLOOK
  • In the FI space, Bund futures are broadly unchanged and remain below last week’s peak. The recent retracement appears to be a correction and short-term trend signals highlight a bull cycle. A resumption of gains would refocus attention on key short-term resistance at 135.00, the Jun 27 high and a bull trigger. Clearance of this level would resume the uptrend that started Jul 10. Initial support to watch lies at 132.80, the Jul 21 low.
  • Gilt futures are consolidating. A bullish theme remains intact and the contract is trading closer to its recent highs. Last week’s print above resistance at 97.00, the Jun 23 high, and clearance of the 50-dma on the continuation chart, reinforces current positive conditions. A resumption of the uptrend would signal scope for gains towards 99.71, 50.0% of the Mar-Jul downleg (cont). Initial firm support to watch lies at 96.11, the Jul 21 low.
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