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Price Signal Summary - Bunds Breach Key Support And The Bear Trigger

OUTLOOK
  • In the FI space, the broader bearish theme in Bund futures remains intact. The contract has cleared 135.14, the Oct 12 low, confirming a resumption of the primary downtrend. With 135.00 pierced, scope is seen for a continuation lower towards 134.65 next, a Fibonacci extension. On the upside, key short-term resistance has been defined at 138.52, the Oct 14 high.
  • The primary trend direction in Gilt futures is down. However, a corrective cycle remains in play and yesterday’s gains have reinforced the short-term bullish theme. Price has cleared and closed above the 20-day EMA. A continuation higher would signal scope for a test of key resistance at 100.92, Oct 4 high.

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