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Price Signal Summary - Bunds Pierce Support

OUTLOOK
  • In the FI space, Bund futures continue to trade below the May 16 high. The rally on May 15 resulted in a print above the 50-day EMA and was followed by a breach of a key resistance at 131.86, the May 7 high. In order to strengthen a bullish condition, the contract needs to trade above 132.11, the May 16 high. For bears, support at 130.24, the May 14 low, has been pierced. A clear break would instead be a bearish development and expose key support at 129.53, the Apr 25 low.
  • Gilt futures gapped lower at yesterday’s open. This resulted in the contract trading below support at 97.23, the May 14 low. The breach of this level undermines a recent bullish theme. A continuation lower would signal scope for a move towards key support at 95.36, the Apr 25 low. On the upside, initial resistance is seen at 97.71, the 50-day EMA. A break of key resistance at 98.76, the May 16 high, is required to reinstate a bullish theme.
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