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Price Signal Summary - Resistance In Gilts Remains Intact

OUTLOOK
  • In the FI space, Bund futures remain in a downtrend and short-term gains are considered corrective. Key support at the Dec 8 low of 134.37, has recently been cleared and this opens 133.42, the Dec 4 low. Initial resistance is at 135.02, the Jan 26 high and just above the 20-day EMA. It has been pierced. A clear break of this hurdle would ease bearish pressure and open 136.16 the Jan 5 / 8 high.
  • The trend needle in Gilt futures continues to point south and last week’s bearish extension reinforces current conditions. Short-term gains are considered corrective. The contract recently cleared support at 99.60, the Jan 5 low. This confirmed a resumption of the downtrend, signalling scope for a continuation lower towards 97.39, the Dec 11 low. Firm resistance to watch is 99.43, the 20-day EMA. A clear break of the average would ease bearish pressure and open 100.00.
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