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Price Signal Summary -Corrective Recovery In Bunds Extends

OUTLOOK
  • In the FI space, Bund futures maintain a softer tone following last week’s move lower. However, for now, a bullish corrective cycle has resulted in a recovery from last week’s low of 132.97 on Jun 8. Initial firm resistance is at 134.67, the Jun 7 high. On the downside, a reversal lower would refocus attention on 132.97. Clearance of this level would resume bearish activity and open 132.12, the May 26 low and key support.
  • Gilt futures remain below its recent highs. The recovery from 94.21, the May 26 low, allowed an oversold condition to unwind. The move higher is considered corrective and the trend direction remains down. 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 firm resistance to watch is at 97.64, the Jun 1 high.
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