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Price Signal Summary - Downtrend In Bunds Remains Intact

  • In the FI space, Bund futures are trading lower today. Resistance at 134.77, the Jun 12 high, remains intact and the outlook is bearish. A break of this resistance is required to expose key short-term resistance at 135.85, the Jun 1 high. Support at 132.97, the Jun 8 low, was cleared last week and the breach opens 132.12, the May 26 low and a bear trigger. Clearance of this level would strengthen bearish conditions.
  • A strong bounce in Gilt futures Tuesday has eased short-term bearish pressure. Gains for now, are considered corrective and the trend direction remains down. This week’s bearish start to the week confirmed a resumption of the downtrend. The contract has breached support at 94.21, the May 26 low and bear trigger. A continuation lower would open 93.45,the 1.618 projection of the Feb 2 - 28 - Mar 20 price swing (cont). Initial firm resistance is at 95.92, the 20-day EMA.

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