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Price Signal Summary - Bunds Remain Above Support

OUTLOOK
  • In the FI space, a bullish trend condition in Bund futures remains intact and recent gains reinforce this theme. 133.21, Jun 14 high, was cleared on Jul 29, confirming a resumption of the uptrend. Note that MA studies are in a bull-mode position too. A resumption of the trend would open 136.45, 76.4% of the Dec 27 - May 31 downleg (cont). The contract remains below the Aug 5 high, a pullback is allowing an overbought condition to unwind. Support to watch is 133.93, the 20-day EMA.
  • The trend condition in Gilt futures remains bullish and the latest pullback appears to have been a correction. Note that the move lower has allowed an overbought trend reading to unwind. A resumption of gains would signal scope for a climb towards 101.78, the 2.236 projection of the May 29 - Jun 4 - 10 price swing. Initial key support lies at 99.48, the 20-day EMA.
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