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Price Signal Summary - Move Lower In Bunds Appears To Be A Correction

OUTLOOK
  • In the FI space, despite the recent move lower, Bund futures maintain a firmer short-term tone and the move lower appears to be a correction. The recent breach of resistance at 130.93, the Nov 9 high, confirms a resumption of the uptrend that started Oct 4. The move higher opens 132.13, a 1.382 projection of the Oct 4 - 12 - 23 price swing. Firm support to watch is 129.35, the Nov 7 / 13 low. A break of this level would highlight a possible reversal. Initial support lies at 129.96, the 50-day EMA.
  • Gilt futures have traded lower this week. traded. The pullback is considered corrective and a bull cycle remains in play. Key short-term support has been defined at 94.58, the Nov 13 low. Initial support lies at 94.84, the 50-day EMA. Resistance at 96.71, the Sep 20 high, has recently been breached. This paves the way for a climb towards 98.98, the May 22 high on the continuation chart. The bull trigger is 97.99, the Nov 17 high.
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