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Price Signal Summary - Bund rally stalls ahead of the 50-day EMA

OUTLOOK
  • In the FI space, the broader bearish theme in Bund futures remains intact and recent gains are considered corrective. Today’s strong reversal lower means that the contract has failed to challenge resistance at the 50-day EMA. This EMA intersects at 141.00 and a break is required to signal scope for an extension of the recent bull cycle. On the downside, watch support at 137.57, the Oct 27 low.
  • Gilt futures are trading closer to its recent highs and the current bull cycle remains intact. Price has recently cleared the 20-day EMA and breached 100.92, the Oct 4 high. The break strengthens bullish conditions and opens 105.334 next, the Sep 22 high. Key short-term support has been defined at 95.82, the Oct 21 low. Initial support is at 100.38, the Oct 25 low.
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