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Price Signal Summary - Key resistance in Gilts remains exposed

OUTLOOK
  • In the FI space, the broader bearish theme in Bund futures remains intact. The contract has recently cleared 135.14, the Oct 12 low, confirming a resumption of the primary downtrend. Price has also breached 135.00 and scope is seen for a continuation lower towards 133.74 next, 0.618 projection of the Aug 2 - 12 - 15 price swing. On the upside, key short-term resistance has been defined at 138.52, the Oct 14 high. Initial resistance is at 137.81, the 20-day EMA.
  • The primary trend direction in Gilt futures is down. However, the current corrective cycle remains in play and last week’s gains reinforce the short-term bullish theme. Price has breached the 20-day EMA. A continuation higher would signal scope for a test of key resistance at 100.92, Oct 4 high. Initial support is at 94.82, the Oct 17 low.
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  • In the FI space, the broader bearish theme in Bund futures remains intact. The contract has recently cleared 135.14, the Oct 12 low, confirming a resumption of the primary downtrend. Price has also breached 135.00 and scope is seen for a continuation lower towards 133.74 next, 0.618 projection of the Aug 2 - 12 - 15 price swing. On the upside, key short-term resistance has been defined at 138.52, the Oct 14 high. Initial resistance is at 137.81, the 20-day EMA.
  • The primary trend direction in Gilt futures is down. However, the current corrective cycle remains in play and last week’s gains reinforce the short-term bullish theme. Price has breached the 20-day EMA. A continuation higher would signal scope for a test of key resistance at 100.92, Oct 4 high. Initial support is at 94.82, the Oct 17 low.