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Price Signal Summary - Gilts Are Trading Closer To Recent Highs

OUTLOOK
  • In the FI space, Bund futures remain above Tuesday’s low. The initial recovery yesterday did appear to be an early indication that the recent pullback was over and that a S/T bullish theme had returned. However, price needs to break yesterday’s 134.95 high to signal scope for a climb to key short-term resistance at 135.85, the Jun 1 high. Clearance of this level would be bullish. A breach of yesterday’s 133.82 low would instead be a bearish development.
  • Gilt futures are trading closer to recent highs. The latest recovery from 94.21, the May 26 low, has allowed an oversold trend condition to unwind. Gains are considered corrective and the trend direction remains down. Moving average studies are in a bear-mode position highlighting a bear cycle. A resumption of weakness would open the 94.00 handle next. The bear trigger is 94.21, the May 26 low. Initial resistance to watch is at 97.78, the May 23 high.
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