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Price Signal Summary - Bunds Remain Below Resistance At Last Week's High

OUTLOOK
  • In the FI space, Bund futures remain in an uptrend and the latest pullback appears to be a correction. However, price is once again below the 20- and 50-day EMAs, undermining the recent bullish theme. Initial firm support lies at 134.15, the May 30 low. A break would pave the way for weakness towards 132.83, the May 26 low and bear trigger. Clearance of 136.59, the Jun 1 high, is required to reinstate a bullish theme.
  • Gilt futures last week 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 to watch is at 97.78, the May 23 high.
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