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Price Signal Summary - Bund Trend Needle Still Points North

OUTLOOK
  • In the FI space, Bund futures remain in an uptrend and the contract is holding on to the bulk of its recent highs. Price has cleared the 20- and 50-day EMAs and this strengthens the current bull cycle. A continuation higher would open 136.75, the May 16 high ahead of a key resistance at 137.29, the May 11 high. On the downside, initial firm support lies at 134.15, the May 30 low. A break is required to signal a bearish reversal. First support is at 135.06, the 50-day EMA.
  • Gilt futures have recovered from 94.21, the May 26 low. Recent gains are considered corrective and the primary short-term trend condition remains bearish. Moving average studies are in a bear-mode position highlighting a bear cycle. A resumption of weakness would open the 94.00 handle next. The bear trigger is 94.21, the May 26 low. Initial resistance is at 97.78, the May 23 high.
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