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Price Signal Summary - Double Bottom Reversal In Bunds

OUTLOOK
  • In the FI space, recent gains in Bund futures continue to appreciate and extend this week’s impulsive bull cycle. Today’s gains have now cancelled a recent bearish theme. The contract has cleared resistance at 131.58, the Jun 5 high. This break confirms a double bottom on the daily chart and has exposed the next key resistance at 132.83, May 16 high. It has been pierced, a clear break would strengthen the bullish theme and open 133.42 1.764 projection of the May 31 - Jun 5 - 10 price swing. Initial support is 131.51, the 50-day EMA.
  • Wednesday’s strong rally in Gilt futures resulted in a break of resistance at 97.86, the Jun 4 high and 98.05, 76.4% of the May 16 - 29 bear cycle. This cancels a recent bearish threat and instead highlights a resumption of the bull cycle that started May 29. Today’s gains have reinforced the bull theme and exposed 98.89, the May 16 high. It has been pierced, a clear break would reinforce bullish conditions and open 99.25 1.236 projection of the May 29 - Jun 4 - 10 price swing. Initial firm support is 97.20, 20-day EMA.
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