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Price Signal Summary - Shallow Retracement In Gilts Appears To Be A Bull Flag

OUTLOOK
  • In the FI space, Bund futures traded lower last week and despite today’s gains, maintains a softer tone. The contract has breached support at 137.57, the Oct 27 low. The break of this level undermines a recent bullish theme and signals scope for a deeper retracement. Attention is on 135.65 76.4% retracement of the Oct 21 - 28 bull phase. Initial resistance is at 138.05, the 20-day EMA.
  • Gilt futures remain in a short-term uptrend. The recent shallow retracement appears to be a bull flag formation, reinforcing the uptrend. Price remains above the 20-day EMA and recent gains resulted in a break of key resistance at 100.92, the Oct 4 high. The focus is on 105.34 next, Sep 23 high. Key support has been defined at 95.82, the Oct 21 low. A break of this level would be bearish.
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