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Price Signal Summary - Gilts Breach Key Support

OUTLOOK
  • In the FI space, Bund futures have continued to weaken this week as a bearish theme strengthens once again. The pullback highlights the end of the recent corrective recovery between Oct 4 - 12. Note that the medium-term trend direction is down and moving average studies reflect this. A continuation lower would open 126.62, the Oct 4 low and bear trigger. Key short-term resistance and a bull trigger has been defined at 130.20, the Oct 12 high. First resistance is at 128.87, the 20-day EMA.
  • Gilt futures traded sharply lower yesterday and the contract started today’s session on a bearish note. Price gapped lower at the open and in the process traded through key support at 91.47, the Aug 17 low. This confirms a resumption of the downtrend and paves the way for a move towards 90.38, the Oct 12 2022 low (cont) and a major support. Initial firm resistance is at 93.72, the 20-day EMA.
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