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Price Signal Summary - Gilts Weaken As The Downtrend Accelerates

  • In the FI space, Bund futures maintain a bearish theme and the contract is trading lower. 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 133.64 next, the Apr 28 low. Note that key support lies at 133.10, the Apr 19 low. On the upside, initial resistance is 135.32, the 20-day EMA.
  • Gilt futures are lower again today. This week’s sell-off marks an acceleration of the bear cycle. The contract has cleared support at 99.73, the Apr 19 low, and 99.20, the Feb 28 low and a key support level. This confirms a resumption of the downtrend and signals scope for weakness towards 98.15 next, the Oct 24 2022 low (cont). Initial firm resistance is 99.73.

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