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Price Signal Summary - Gilts Remains Above Key Support

  • In the FI space, Bund futures traded lower Wednesday, extending the move down from 137.29, May 11 high. The contract has cleared support at the 20-day EMA and attention turns to 134.99, the May 10 low. This represents a key short-term support and a break would signal scope for a deeper retracement. On the upside, key short-term resistance has been defined at 137.29 where a break is required to reinstate a bullish theme.
  • Gilt futures traded lower Tuesday but remain above key support at 99.73, the Apr 19 low. A resumption of gains would refocus attention on resistance at 102.46 the May 3 high, where a break is required to reinstate a bullish theme. This would signal scope for a climb towards 102.63, 38.2% of the Mar 20 - Apr 19 bear leg and 102.99, the Apr 14 high. For bears, a break of 99.73 would instead confirm a resumption of the downtrend that started Mar 20.

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