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Price Signal Summary - Corrective Cycle In Bunds Remains In Play

OUTLOOK
  • In the FI space, Bund futures are trading closer to their recent highs. A downtrend remains intact and recent gains are considered corrective. Initial firm support to watch is 127.18, the Oct 23 low. A break would be a bearish development and expose the bear trigger at 126.62. On the upside, resistance is at 129.41, the 50-day EMA. A breach of this average would instead signal scope for a stronger recovery. This would expose key resistance at 130.20, the Oct 12 high.
  • Gilt futures maintain a bearish theme and recent gains appear to be a correction. For bears, price has recently traded through key support at 91.47, the Aug 17 low. This confirmed a resumption of the downtrend and signals scope for 90.38, the Oct 12 2022 low (cont) and a major support. Initial resistance at 93.34, the Oct 24 high, has been breached. The next resistance is 93.82, 61.8% of the Oct 12 - 23 bear leg.
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