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Price Signal Summary -Key Support In Gilts Remains Exposed

OUTLOOK
  • In the FI space, Bund futures remain in a downtrend and the latest recovery is considered corrective. The contract traded to a fresh cycle low Wednesday. The break lower confirms a resumption of the primary downtrend and maintains the price sequence of lower lows and lower highs. Sights are on 126.54 next, the 1.764 projection of the Jul 19 - Aug 4 - Aug 8 price swing. Key short-term resistance is at 129.01, the 20-day EMA. A break of the average would signal a possible short-term base.
  • Gilt futures remain bearish and this week’s move lower reinforces this condition. The recovery from Wednesday’s low appears to be a correction. The contract has recently breached 93.36, the Sep 6 low and a key support. Furthermore, 92.71, 76.4% of Aug 17 - Sep 20 bull run, has also been breached. Sights are on 91.47, the Aug 17 low, and the next key support. Initial firm resistance is at 94.08, the 20-day EMA.
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