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Price Signal Summary - Bund Trend Signals Continue To Point South

OUTLOOK
  • In the FI space, Bund futures remain in a bear-mode condition and short-term gains are considered corrective. The recent move down strengthens the current bear trend and reinforces the short-term importance of the early January break below the 20-day EMA. Key support at the Dec 8 low of 134.37, has been breached and this opens 133.42, the Dec 4 low. Initial resistance is at 135.26, the 20-day EMA. A clear break of the average would ease bearish pressure.
  • Gilt futures remain vulnerable. The contract last week cleared support at 99.60, the Jan 5 low. This reinforced a bearish theme and confirmed a resumption of the downtrend that started Dec 27. The contract has also traded through support at 97.97, the Dec 6 high, signalling scope for an extension towards 97.39, the Dec 11 low. Firm resistance to watch is 99.98, the 20-day EMA. A clear break of the average would ease bearish pressure.
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