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

OUTLOOK
  • In the FI space, a bull cycle in Bund futures remains in play and the contract traded higher last week, which resulted in a break of 133.21, the Jun 14 high and a bull trigger. Clearance of this level confirmed a resumption of the bull cycle and the subsequent impulsive rally reinforces current conditions. Note that MA studies are in a bull-mode position, highlighting a rising trend. Sights are on 136.45, 76.4% of the Dec 27 - May 31 downleg (cont). Initial support is 134.39, the Aug 2 low.
  • Gilt futures traded higher last week, marking a confirmation of the uptrend that started May 29. Note that 99.23, the Jun 21 high, has been cleared. Scope is seen for a climb towards 101.18 next ahead of 101.78, the 2.00 and 2.236 projections of the May 29 - Jun 4 - 10 price swing. Initial key support lies at 99.23, the Jun 21 high. A pullback would be considered corrective and allow an overbought trend condition to unwind.
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