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Price Signal Summary - Gilts Head North And Short-Term Pullbacks Are Considered Corrective

OUTLOOK
  • In the FI space, Bund futures traded higher Friday, breaching 138.00 and the contract has started this week on a firm but still volatile note. The near-term outlook is bullish. The 140.00 psychological handle has been pierced, a clear break would open 140.47, 76.4% retracement of the Dec 7 - Mar 9 bear leg (cont). Key support to watch this week lies at the 20-day EMA - at 134.30. A reversal lower and a break of this support is required to signal scope for a deeper retracement. Initial support is 137.10, today’s low.
  • Gilt futures remain above 103.12, the Mar 15 low. For now, the outlook is bullish and today’s earlier resumption of gains signals scope for a climb towards the 108.00 handle. The contract traded higher Friday to reinforce bullish conditions. On the downside, firm support is seen at the 20-day EMA, where a break would strengthen any developing bearish threat. The average intersects at 102.67. Initial firm support lies at 104.12, the Mar 16 low.
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