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Price Signal Summary - Gilt Crack The 100.00 Handle

OUTLOOK
  • In the FI space, Bund futures maintain a bearish tone and the contract is trading lower today. Recent weakness has resulted in a break of the 20-day EMA, at 135.36, and key short-term support at 134.70 has been cleared, the Mar 31 low. The continuation lower has opened 132.70, a Fibonacci retracement. A move above 138.09, the Apr 6 high, is required to reinstate the recent bullish theme. Initial firm resistance is seen at 135.36.
  • A short-term bearish theme in Gilt futures remains in play. The contract has breached support at 102.74, the Mar 20 low and bear trigger. The break lower has also resulted in a move through 102.00 and this opens 101.12, 76.4% of the Feb 28 - Mar 20 rally. 102.12 has been pierced, a clear break would strengthen the bearish case. On the upside, initial firm resistance is seen at 102.37, yesterday’s high ahead of 103.40, the 20-day EMA.
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