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Price Signal Summary - Retracement In Gilts Extends

OUTLOOK
  • In the FI space, Bund futures traded lower Tuesday as price extends the reversal from Monday’s high of 140.30. The contract is also weaker today. For now, the retracement is considered corrective and the move lower is allowing a recent overbought condition to unwind. The next key support lies at 134.78, the 20-day EMA. A break of the 20-day EMA would highlight a stronger reversal. Initial resistance is at 138.42, Tuesday’s intraday high.
  • Gilt futures remain above support at 103.12, the Mar 15 low. The outlook is bullish - for now - and the latest pullback appears to be a correction. Potential is seen for a climb towards the 108.00 handle. The contract traded higher last Friday and again Monday to reinforce bullish conditions. Firm support is seen at the 20-day EMA, where a break would strengthen any developing bearish threat. The average intersects at 103.11.
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