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Price Signal Summary - FI Futures Trend Conditions Remain Bearish

OUTLOOK
  • In the FI space, despite today’s bounce, Bund futures are trading closer to recent lows and remain in bearish mode following last week’s move lower. Support at 134.99, the May 10 low, has been breached and this strengthens the bearish theme. The focus is on key support at 133.10, the Apr 19 low. On the upside, initial resistance is 135.07, the 20-day EMA.
  • Gilt futures remain in a bear mode position but the contract has managed to recover from today’s low of 94.94. The trend is oversold and a rebound would allow the oversold condition to unwind. The outlook remains bearish following the recent acceleration of the downtrend. Sights are set on 94.76 next, 76.4% of the Oct 12 - Nov 24 2022 rally (cont). Initial resistance is at yesterday’s intraday high of 97.98.
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