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Price Signal Summary - Gilts Clear Resistance And Head North

OUTLOOK
  • In the FI space, Bund futures maintain a firmer short-term tone and the contract is trading closer to its recent highs. The break on Nov 29 above 132.09, the Nov 17 high, confirmed a resumption of the uptrend. That break higher maintains the bullish price sequence of higher highs and higher lows and sights are on the 136.00 handle next. Initial firm support lies at 133.18, the 20-day EMA. A short-term pullback would be considered corrective.
  • The latest pullback in Gilt futures has been a correction, confirmed by this week’s move higher. The contract has traded above resistance at 98.97, the Dec 6 high. The break confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. This opens 99.80, 1.382 projection of the Nov 24 - 29 - 30 price swing. On the downside, firm support lies at 97.18, the 20-day EMA.
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