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Price Signal Summary - Gilts Clear Support As The Bear Cycle Extends

OUTLOOK
  • In the FI space, the trend condition in Bund futures is unchanged and the direction remains down. Recent gains have proved to be a correction. Furthermore, moving average studies have recently crossed and are in a bear-mode set-up, highlighting a downtrend. Today’s fresh cycle low confirms a resumption of the downtrend with sights on 131.49 next, the 61.8% retracement of the Oct 4 - Dec 27 bull phase. Initial resistance is at 133.28, the 20-day EMA.
  • A bear threat in Gilt futures remains present and the contract has traded lower today, clearing support at 97.10, the Feb 27 low. This confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. With 97.00 breached, attention turns to the 96.00 handle next. On the upside, key short-term resistance has been defined at 98.53, the Feb 26 high.
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