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Price Signal Summary - Gilts Trend Needle Points South

OUTLOOK
  • In the FI space, Bund futures remain in a bear mode condition and last week’s move lower reinforces this theme. The contract has breached key short-term support at 133.55, Jan 25 low. The break strengthens a bearish threat and confirms a resumption of the bear cycle that started Dec 27. The focus is on 132.89, 50.0% of the Oct 4 - Dec 27 bull phase. Initial resistance is at 134.59, the 20-day EMA.
  • A bear threat in Gilt futures remains present. Attention is on key support and the bear trigger at 97.57, the Jan 25 low. It has been pierced and a clear break would confirm a resumption of the downtrend and open the 97.00 handle. A key short-term resistance has been defined at 100.62, the Feb 1 high. Clearance of this level is required to reinstate the recent bullish theme and this would instead open 100.76, 50.0% of the Dec 27 - Jan 25 bear leg. Initial resistance is at 98.78, the 20-day EMA.
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