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Price Signal Summary - Bund Futures Remain Soft

OUTLOOK
  • In the FI space, Bund futures remain soft and the contract is trading at its recent lows. The latest move down appears to be a correction, however, a continuation lower would expose key support and the bear trigger at 131.23, the Feb 29 low. Clearance of this level would confirm a resumption of the downtrend that started late December last year. Initial firm resistance to watch is at 133.10, the 50-day EMA. A clear break of this average would be bullish.
  • Gilt futures remain in a bull-mode position, however, last week’s move lower does suggest scope for a deeper retracement. A continuation of the latest sell-off would open 97.67, the 76.4% retracement of the Feb 29 - Mar 12 rally. Clearance of this level would expose the key support and bear trigger at 96.83, Feb 29 low. On the upside, key resistance has been defined at 100.37, the Mar 13 high. A breach of this level would confirm a resumption of the recent bull cycle. 99.35 is first resistance, the Mar 14 high.
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