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Price Signal Summary - Recovery In Bunds Appears To Be A Correction

OUTLOOK
  • In the FI space, {GE} Bund futures traded sharply lower yesterday and the contract remains in a downtrend. Today’s recovery appears to be a correction. The recent breach of support at 129.72, the Aug 14 low and a key bear trigger, reinforced a bearish theme and confirmed a resumption of the primary downtrend. This week’s move lower has strengthened the bearish case. Sights are on 126.54 next, 1.764 projection of the Jul 19 - Aug 4 - Aug 8 price swing. Key short-term resistance is at 130.19, the Sep 22 high. Initial resistance is at 128.59, the Sep 28 high.
  • Gilt futures remain bearish and yesterday’s sharp sell-off reinforces this condition. The contract has breached 93.36, the Sep 6 low and a key support. This has opened 92.71, 76.4% retracement of the Aug 17 - Sep 20 bull run. Clearance of this level would expose key support at 91.47, the Aug 17 low. On the upside, key short-term resistance has been defined at 96.71, the Sep 20 high. Initial firm resistance is at yesterday’s 94.74 high.
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