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Price Signal Summary - Bund Futures Remain In A Downtrend

OUTLOOK
  • In the FI space, Bund futures remain in a downtrend and the contract hsa traded lower today. This week’s move has resulted in a break of the 132.60 key support, the Jan 2 low. The clear breach of it confirms a resumption of the broader downtrend and note that the 132.00 handle has also been cleared. The focus is on 131.16, a Fibonacci projection. Initial firm resistance to watch is at 134.85, the 20-day EMA. First resistance is at 132.99, the Mar 1 high.
  • Gilt futures have recovered from Tuesday’s intraday low of 99.20. Despite the bounce, trend conditions remain bearish and this week’s lows reinforce current conditions. The move down confirms a resumption of the trend and note that the 100.00 handle has been cleared. A continuation lower would open 99.17, the 1.382 projection of the Feb 20 - 23 - 24 price swing. On the upside, resistance is seen at Monday’s 100.98 high.
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