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Price Signal Summary - Gilts Trade Lower And Test Key Support

OUTLOOK
  • In the FI space, Bund futures maintain a bearish theme and the contract is trading lower today. Support at 134.99, the May 10 low, has been breached and this strengthens the bearish theme, paving the way for a continuation near-term. The focus is on 134.35, the May 2 low. Note that key support lies at 133.10, the Apr 19 low. On the upside, key short-term resistance has been defined at 137.29, the May 11 high. Initial resistance is at 135.58, the 20-day EMA.
  • Gilt futures are trading lower today. The contract has pierced support at 99.73, the Apr 19 low. A clear break of this level would confirm a resumption of the downtrend that started on Mar 20 and expose a second key support at 99.20, the Feb 28 low. Moving average studies are in a bear mode position highlighting a downtrend. Key resistance is at 102.46 May 3 high. Initial firm resistance is at 101.20, the 20-day EMA.
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