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Price Signal Summary - Gilts Pierce Key Support

OUTLOOK
  • In the FI space, Bund futures remain in a bearish mode. The contract has traded below the key short-term support at 133.55, the Jan 25 low. A clear break of this level would strengthen a bearish threat and confirm a resumption of the bear cycle that started Dec 27. The focus is on 132.89, 50.0% retracement of the Oct 4 - Dec 27 bull phase. Initial resistance is at 134.72, the 20-day EMA.
  • A bear threat in Gilt futures A bear threat in Gilt futures remains present. A key short-term resistance has been defined at 100.62, the Feb 1 high. Clearance of this level is required to reinstate the recent bullish theme and this would open 100.76, 50.0% of the Dec 27 - Jan 25 bear leg. Attention is on key support and the bear trigger at 97.57, the Jan 25 low. It has been pierced. A clear break would confirm a resumption of the downtrend and open 97.39, the Dec 11 low.
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