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Price Signal Summary - Bund Gains Appear To Be A Correction

OUTLOOK
  • In the FI space, Bund futures remain in a downtrend and recent gains are considered corrective. Initial support to watch is 127.18, the Oct 23 low. A break would be a bearish development and expose the bear trigger at 126.62. On the upside, resistance to watch is 129.44, the 50-day EMA. A breach of this average would signal scope for a stronger recovery.
  • Gilt futures maintain a bearish theme and recent gains are considered corrective. For bears, price has recently traded through key support at 91.47, the Aug 17 low. This confirmed a resumption of the downtrend and signals scope for 90.38, the Oct 12 2022 low (cont) and a major support. Initial resistance is at 93.34, the Oct 24 high. A break would suggest scope for a stronger correction.
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