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Price Signal Summary - Gilts Remains Above Key Short-Term Support

OUTLOOK
  • In the FI space, Bund futures traded lower yesterday and although firmer today, the contract remains closer to their recent lows. Price has breached support at 136.38, the Jan 30 low and this strengthens the current bearish cycle. The focus is on 135.08 next, the Jan 4 low. Moving average studies are in a bear-mode position, reinforcing current conditions. On the upside, resistance to watch is at 137.75, the 50-day EMA.
  • Gilt futures traded lower yesterday to extend the current bear leg. Initial firm support to watch lies at 104.04, the Jan 30 low. The latest pullback is considered corrective, however, a break of 104.04 would highlight a short-term top and expose 103.90 initially, the 50-day EMA and a key support. A resumption of gains would refocus attention on the bull trigger that has been defined at 107.78, the Feb 2 high.
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