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Price Signal Summary - Gilt Bulls Remain In The Driver's Seat

OUTLOOK
  • In the FI space, Bund futures maintain a firmer short-term tone and the contract is holding on to its recent gains. The break of resistance at 135.81, the Dec 7 high, confirmed a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. This opens 137.58, a 3.00 projection of the Nov 13 - 17 - 24 price swing. Key short-term support has been defined at 134.37, the Dec 8 low. A short-term pullback would be considered corrective. Initial support is at 135.81, the Dec 15 low.
  • The current uptrend in Gilt futures remains intact. Last week’s rally reinforces this theme and confirms once again, a resumption of the underlying uptrend. This also maintains a bullish price sequence of higher highs and higher lows. The focus is on 102.09, a 2.236 projection of the Nov 24 - 29 - 30 price swing. Initial firm support lies at 98.97, the Dec 6 high and a recent breakout level. Short-term weakness would be considered corrective. First support lies at 100.20, the Dec 13 gap high.
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