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Price Signal Summary - Key Support In Gilts Remains Intact For Now

OUTLOOK
  • In the FI space, Bund futures recovered Wednesday finding support at 134.99. Trend conditions remain bullish and 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 yesterday’s 134.99 low would expose 134.35 instead, the May 2 low. Clearance of this level would open key support at 133.10 instead, the Apr 19 low.
  • Gilt futures traded lower Tuesday and breached support at 100.37, the May 2 low. The move exposed key support at 99.73, the Apr 19 low. However, the latest recovery means that this level remains intact for now. A continuation higher would signal scope for a climb towards key short-term resistance at 102.46, the May 3 high, where a break is required to reinstate a bullish theme. A break of 99.73 would strengthen a bearish threat.
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