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Price Signal Summary - Gilts Head North

OUTLOOK
  • In the FI space, the uptrend in Bund futures remains intact and the contract traded higher last week, confirming a resumption of the trend and an extension of the recent break of resistance at 135.81, the Dec 7 high. Price is again firmer today. The extension maintains the price sequence of higher highs and higher lows. Sights are on 138.49, a 3.382 projection of the Nov of the 13 - 17 - 24 price swing. Key S/T support has been defined at 134.37, Dec 8 low. A pullback would be considered corrective. 136.59 is first support, the Dec 18 low.
  • The current uptrend in Gilt futures remains intact and the contract gapped higher last Wednesday. Price is also firmer today, trading to a fresh trend high. This confirms once again, a resumption of the underlying uptrend and maintains a bullish price sequence of higher highs and higher lows. The focus is on 104.00 next. Initial firm support lies at 100.20, the Dec 13 high. Short-term weakness would be considered corrective. Initial support lies at 100.93, the Dec 18 low.
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