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Price Signal Summary - Pullback In Gilts Appear To Be Corrective

OUTLOOK
  • In the FI space, Bund futures have traded lower this week - a correction. A bull cycle is in play and the latest pause still appears to be a flag - a bullish continuation pattern. Recent gains resulted in a breach of 132.83, May 16 high. These factors strengthen a bullish theme and signal scope for a continuation higher towards 133.42, a 1.764 projection of the May 31 - Jun 5 - 10 price swing. Initial support at 131.80, the 50-day EMA, has been tested. A clear break of it would signal scope for a deeper retracement. This would open 130.21, the Jun 12 low.
  • A pullback in Gilt futures is considered corrective - for now. MA studies are in a bull-mode set-up and recent gains resulted in a break of 97.86, Jun 4 high and 98.05, 76.4% of the May 16 - 29 bear cycle. This highlights a resumption of the uptrend that started May 29. Note too that 98.89, the May 16 high, has been pierced. A clear break of it would reinforce bullish conditions. Support to watch lies at 97.50, a trendline. A break would undermine the bullish theme.
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