MNI China Daily Summary: Friday, February 3

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Price Signal Summary - Bund Futures Remain Below Resistance At The 50-Day EMA

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Fixed Income Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income NewsForeign Exchange News
  • In the FI space, Bund futures remain in a short-term downtrend despite this week’s gains. Key short-term resistance is at the 50-day EMA, which intersects at 140.04 and a clear break of this EMA is required to highlight a stronger reversal. On the downside, support and the first bear trigger lies at 135.76, the Nov 8 low ahead of 135.65, the 76.4% retracement of the Oct 21 - 28 bull phase. Clearance of these two chart points would be bearish.
  • Gilt futures remain in a short-term uptrend and yesterday’s gains reinforce this theme. The latest correction still appears to be a bull flag formation, reinforcing the uptrend. A resumption of gains would signal scope for 105.34 next, the Sep 23 high. Key support has been defined at 95.82, the Oct 21 low. Initial support is at 99.92, Tuesday’s low.
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  • In the FI space, Bund futures remain in a short-term downtrend despite this week’s gains. Key short-term resistance is at the 50-day EMA, which intersects at 140.04 and a clear break of this EMA is required to highlight a stronger reversal. On the downside, support and the first bear trigger lies at 135.76, the Nov 8 low ahead of 135.65, the 76.4% retracement of the Oct 21 - 28 bull phase. Clearance of these two chart points would be bearish.
  • Gilt futures remain in a short-term uptrend and yesterday’s gains reinforce this theme. The latest correction still appears to be a bull flag formation, reinforcing the uptrend. A resumption of gains would signal scope for 105.34 next, the Sep 23 high. Key support has been defined at 95.82, the Oct 21 low. Initial support is at 99.92, Tuesday’s low.