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Price Signal Summary - Bund Futures Head North

OUTLOOK
  • In the FI space, Bund futures maintain a firmer short-term tone following last week’s gains and this week’s continuation higher. The contract traded above 131.74 last week, 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 134.29 next, the Jul 19 high. Initial firm support lies at 131.94, the Nov 30 low.
  • Gilt futures sold off sharply last 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, the Nov 30 low.
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