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Price Signal Summary - FI Futures Trend Outlook Remains Bearish

OUTLOOK
  • In the FI space, Bund futures remain in a downtrend and the contract traded lower Thursday. This week’s move down has resulted in a break of the 132.60 key support, the Jan 2 low. The clear breach confirms a resumption of the broader downtrend and note that the 132.00 handle has also been cleared. The focus is on 131.16, a Fibonacci projection. Initial firm resistance to watch is at 134.55, the 20-day EMA. Short-term gains would be considered corrective.
  • Gilt futures remain above Tuesday’s intraday low of 99.20. Despite the recent bounce, trend conditions remain bearish and this week’s lows reinforce current conditions. The move down confirms a resumption of the trend and note that the 100.00 handle has been cleared. A continuation lower would open 99.17, the 1.382 projection of the Feb 20 - 23 - 24 price swing. On the upside, resistance is seen at 100.98, the Feb 27 high.
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