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Price Signal Summary - Strong Bounce In Bunds Highlights A Potential Reversal

OUTLOOK
  • In the FI space, Bund futures have recovered from today’s low. The strong bounce could be an early indication that the recent pullback is over and that a short-term bullish theme has returned. A continuation higher would signal scope for a climb towards key short-term resistance at 135.85, the Jun 1 high. Clearance of this level would confirm a resumption of bullish activity. On the downside, a breach of today’s 133.82 low would be a bearish development.
  • Gilt futures have recently recovered from 94.21, the May 26 low, allowing an oversold trend condition to unwind. Gains are considered corrective and the primary short-term trend condition remains bearish. Moving average studies are in a bear-mode position highlighting a bear cycle. A resumption of weakness would open the 94.00 handle next. The bear trigger is 94.21, the May 26 low. Initial resistance to watch is at 97.78, the May 23 high. A break would signal scope for an extension higher.
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