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Price Signal Summary - Bund Futures Test Key Support

OUTLOOK
  • In the FI space, Bund futures remain in a downtrend and the contract has traded lower today. This has resulted in a test of the 132.60 key support. the Jan 2 low. A clear breach of this level would confirm a resumption of the broader downtrend and open the 132.00 handle next ahead of 131.80, support based on a MA envelope study. Initial firm resistance to watch is at 135.38, the 20-day EMA. Short-term gains would be considered corrective.
  • Gilt futures have recovered from today’s intraday low of 99.38. Despite the bounce, trend conditions remain bearish and this week’s lows reinforce current conditions. The move down this week 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 recent Feb 20 - 23 - 24 price swing. On the upside, initial resistance is seen at 100.00 and Monday’s 100.98 intraday high.
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