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Price Signal Summary - Gilt Futures Head North

OUTLOOK
  • In the FI space, Bund futures remain in an uptrend following last week’s gains and this week’s extension. Price has traded through the 20-day EMA and short-term signals suggest scope for a continuation higher near-term. Sights are on 138.62 next, the Dec 16 high ahead of 138.97, 61.8% retracement of the Dec 7 - Jan 3 bear leg. On the downside, initial firm support is at 136.04, the Jan 10 low.
  • Gilt futures resumed their uptrend Wednesday and cleared initial resistance at 102.78, the Jan 6 high. The break higher maintains the current bullish price sequence of higher highs and higher lows and attention turns to 104.05, the 61.8% retracement of the Nov 24 - Dec 28 bear leg. This level has been pierced, a clear break would signal scope for a climb towards 105.20, the 76.4% retracement. Initial firm support has been defined at 101.40, the Oct 10 low.
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