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Price Signal Summary - Gilts Remain Above Support

OUTLOOK
  • In the FI space, Bund futures are unchanged and in consolidation mode. A bull cycle is in play and recent gains reinforce the trend condition. 133.21, Jun 14 high, was cleared on Jul 29, confirming a resumption of the uptrend. Moving average studies are in a bull-mode position too. Sights are on 136.45, 76.4% of the Dec 27 - May 31 downleg (cont). The contract remains below the Aug 5 high, a pullback has allowed an overbought condition to unwind. Support is 133.61, 20-day EMA.
  • Recent gains in Gilt futures confirmed a confirmation of the uptrend that started May 29. A fresh high on Aug 5 reinforces current conditions. Note that 99.23, the Jun 21 peak, has been cleared. Scope is seen for a climb towards 101.78, the 2.236 projection of the May 29 - Jun 4 - 10 price swing. Initial key support lies at 99.16, the 20-day EMA. The latest pullback appears to be a correction, allowing an overbought trend condition to unwind.
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