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Price Signal Summary - Bund Futures Breach Support

OUTLOOK
  • In the FI space, Bund futures are trading lower and have breached support at 137.53, the Jan 16 low. The move lower threatens a recent bullish theme and a clear break of 137.53 would signal scope for a deeper retracement near-term. This would open 136.67, a Fibonacci retracement point. On the upside, key short-term resistance has been defined at 139.36, the Jan 25 high.
  • Gilt futures remain in an uptrend and the latest pullback is considered corrective. Recent trend highs confirm a resumption of the short-term uptrend. The move signals potential for gains towards 107.06, the Nov 24 high and a key resistance. The first objective is the 106.00 handle. On the downside, initial firm support to watch has been defined at 103.79, the Jan 17 low. A break would threaten the recent recovery.
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