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Price Signal Summary - Gilts Remain Above Support - For Now

OUTLOOK
  • In the FI space, Bund futures traded lower yesterday, extending the current bear cycle. The contract breached support last week at 129.72, the Aug 14 low and a key bear trigger. The break reinforced a bearish theme and confirmed a resumption of the primary downtrend. Sights are on 128.45 next, the 1.236 projection of the Jul 19 - Aug 4 - Aug 8 price swing. Key short-term resistance has been defined at 130.19, the Sep 22 high.
  • Gilt futures have traded lower this week but - for now - remain above last week’s low. On Sep 20 , the contract breached resistance at 96.49, the Sep 14 high. The break confirmed a resumption of the bull cycle that started Aug 17 and signals scope for 97.00 handle. Key short-term support to watch has been defined at 94.64, the Sep 18 low. A clear break of 94.64, would threaten the bullish condition and expose 94.05, the Sep 11 low.
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