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Price Signal Summary - Bull Flag In Bunds

OUTLOOK
  • In the FI space, Bund futures continue to trade closer to their recent highs and a bull cycle remains in play. The latest pause appears to be a flag - a bullish continuation pattern. Recent gains have resulted in a breach of resistance at 132.83, the May 16 high. This strengthens a bullish theme and signals scope for a continuation higher towards 133.42 next, a 1.764 projection of the May 31 - Jun 5 - 10 price swing. Initial support is 131.68, the 50-day EMA.
  • The trend condition in Gilt futures remains bullish. Recent gains resulted in a break of resistance at 97.86, the Jun 4 high and 98.05, 76.4% of the May 16 - 29 bear cycle. This cancels a recent bearish threat and instead highlights a resumption of the bull cycle that started May 29. Resistance at 98.89, the May 16 high, has been pierced. A clear break of this hurdle would reinforce bullish conditions. Initial firm support is 97.66, 20-day EMA.
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