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Price Signal Summary - Corrective Pullback In Gilts

OUTLOOK
  • In the FI space, Bund futures maintain a firmer tone despite today’s gap lower at the open. The recent breach of a key resistance at 130.20, the Oct 12 high and a bull trigger, strengthens current bullish conditions and maintains a positive price sequence of higher highs and higher lows. Sights are on 131.33, 76.4% of the Sep 1 - Oct 4 downleg. Firm support to watch is 129.35, the Nov 7 low. A breach would highlight a possible reversal.
  • Gilt futures maintain a firmer tone and the contract traded to a fresh high yesterday, before pulling back. S/T weakness is considered corrective. Price recently cleared 93.82 and 94.52, the 61.8% and 76.4% retracement points of the Oct 12 - 23 bear leg. This week’s gains have resulted in a print above 95.66, the Oct 12 high. A clear break of it would strengthen a bullish case and open 96.71, the Sep 20 high. First support is 94.03, the 50-day EMA.
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