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Price Signal Summary - Bund Futures Remain Vulnerable

OUTLOOK
  • In the FI space, Bund futures maintain a bearish tone and short-term gains are considered corrective. Recent weakness resulted in a break of the 20-day EMA, at 134.92, and a key short-term support at 134.70 has been cleared, Mar 31 low. The focus is on 132.70, 76.4% retracement of the Mar 2 - 20 rally. A move above 138.09, the Apr 6 high, is required to reinstate a stronger bullish theme. Initial firm resistance is seen at the 20-day EMA.
  • Gilt futures remain in a downtrend and short-term gains are considered corrective. Price has recently breached support at 102.74, the Mar 31 low and a bear trigger. The extension lower has also resulted in a test of the 100.00 handle. A continuation lower would open 99.55, the Mar 8 low ahead of 99.20, the Feb 28 low and key support. Initial resistance is seen at 101.34, Friday’s high.
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