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Price Signal Summary - Gilts Test Resistance Around The 20-Day EMA

OUTLOOK
  • In the FI space, Bund futures are holding on to the bulk of their recent gains and early trend signals suggest that the recent recovery is likely to extend. The move higher does undermine the recent bearish theme and price has traded above the 20-day EMA, at 134.88. A continuation higher would expose 136.16, the Jan 5 / 8 high where a break would strengthen a bullish theme. For bears, a move below 133.55, the Jan 25 low, is required to reinstate a bearish theme.
  • The trend needle in Gilt futures continues to point south and recent gains appear - for now - to be a correction. The contract has cleared support at 99.60, the Jan 5 low. This confirmed a resumption of the downtrend that started Dec 27, signalling scope for a continuation lower towards 97.39, the Dec 11 low. Firm resistance to watch is 99.34, the 20-day EMA. It has been pierced, a clear break of the average would ease bearish pressure and open 100.00.
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