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Price Signal Summary - Gilts Remains Vulnerable

OUTLOOK
  • In the FI space, Bund futures are trading at this week’s lows. Price is through the 20-day EMA, at 135.84 and has pierced key short-term support at 134.70, the Mar 31 low. A break of this level would signal scope for weakness towards 134.15, a Fibonacci retracement. For bulls, a move above 138.09, the Apr 6 high, is required to reinstate the recent bullish theme and would signal scope for gains above 138.00. Key resistance is still far off at 140.30, the Mar 20 high.
  • A short-term bearish threat in Gilt futures remains present and the contract is trading closer to this week’s lows. Recent bearish activity has resulted in a breach of support at the 20-day EMA which intersects at 103.72 and price has pierced support at 102.74, the Mar 20 low and a bear trigger. Clearance of this level would open 102.31, 61.8% of the Feb 28 - Mar 20 rally. Initial resistance to watch is 103.72.
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