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Price Signal Summary - Short-Term Bull Cycle In Gilts Remains In Play

OUTLOOK
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  • In the FI space, the trend condition in Bund futures remains bearish and short-term gains appear to be corrective. However, the contract has traded through resistance at the 50-day EMA, at 131.57. This does signal scope for an extension and has exposed 132.51, 76.4% retracement of the Jun 14 - Jul 3 bear leg. Clearance of this level would expose 132.21, the Jun 14 high. For bears, a resumption of weakness would refocus attention on key support at 130.23, the Jul 3 low.
  • Gilt futures traded higher Thursday and the contract is holding on to the bulk of its recent gains. Resistance at 98.24, the Jun 28 high, has been cleared. A continuation would expose key short-term resistance at 99.23, the Jun 21 high. On the downside, initial support to watch lies at 97.63, Thursday’s low. A break would highlight a reversal and this would refocus attention on 96.57, the Jul 1 low and a key short-term support.
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  • In the FI space, the trend condition in Bund futures remains bearish and short-term gains appear to be corrective. However, the contract has traded through resistance at the 50-day EMA, at 131.57. This does signal scope for an extension and has exposed 132.51, 76.4% retracement of the Jun 14 - Jul 3 bear leg. Clearance of this level would expose 132.21, the Jun 14 high. For bears, a resumption of weakness would refocus attention on key support at 130.23, the Jul 3 low.
  • Gilt futures traded higher Thursday and the contract is holding on to the bulk of its recent gains. Resistance at 98.24, the Jun 28 high, has been cleared. A continuation would expose key short-term resistance at 99.23, the Jun 21 high. On the downside, initial support to watch lies at 97.63, Thursday’s low. A break would highlight a reversal and this would refocus attention on 96.57, the Jul 1 low and a key short-term support.