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Price Signal Summary - Pullback In Gilts Considered Corrective

OUTLOOK
  • In the FI space, Bund futures remain in an uptrend and the contract is holding on to its recent gains. Price remains above the 20-day EMA and short-term signals suggest scope for a continuation higher near-term. Sights are on 138.97, 61.8% of the Dec 7 - Jan 3 bear leg. This level has been pierced, a clear break would open the 140.00 handle.
  • Gilt futures has pulled back from recent highs - the move lower is likely a correction. The bull cycle remains in play. The contract recently cleared resistance at 102.78, the Jan 6 high, to maintain the current price sequence of higher highs and higher lows. Attention is on 105.20, the 76.4% retracement of the Nov 24 - Dec 28 bear leg. Clearance of this level would signal scope for a climb towards 106.00.
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