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Price Signal Summary - Bund Futures Remain Above Support

OUTLOOK
  • In the FI space, Bund futures remain in an uptrend despite the latest pullback - the move lower is considered corrective and the contract remains above support. Last week’s trend highs confirmed a resumption of the bull cycle and this maintains a price sequence of higher highs and higher lows. Potential is seen for a climb towards 141.70, the Dec 13 high. Initial firm support to watch is at 137.53, the Jan 16 low. A break would threaten the bullish theme.
  • Gilt futures are trading below recent highs, but remain in an uptrend. The recent bullish extension confirmed a resumption of the short-term uptrend and resulted in a break of 105.20, the 76.4% retracement of the Nov 24 - Dec 28 bear leg. The focus is on the 106.00 handle. On the downside, initial firm support has been defined at 103.21, the Jan 17 low. A break would threaten the bullish theme.
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