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Price Signal Summary - Key Short-Term Support In Gilts Remains Intact

OUTLOOK
  • In the FI space, Bund futures remain in a short-term uptrend. Last week’s print above 137.22, the May 4 high, reinforces a bullish condition and the latest pullback appears to be a correction. A continuation higher would open 137.55, the 61.8% retracement of the Mar 20 - Apr 19 bear leg. Clearance of this level would expose 138.09, the Apr 6 high. On the downside, a break below 134.99, the May 10 low would instead highlight a bearish threat and expose 134.35, the May 2 low.
  • Gilt futures remain above key support at 99.73, the Apr 19 low. A resumption of gains would refocus attention on resistance at 102.46 the May 3 high, where a break is required to reinstate a bullish theme. This would signal scope for climb towards 102.63, 38.2% of the Mar 20 - Apr 19 bear leg and 102.99, the Apr 14 high. For bears, a break of 99.73 would instead confirm a resumption of the downtrend that started Mar 20.
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