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Price Signal Summary - The Gilt Futures Bull Cycle Remains In Play

  • In the FI space, Bund futures continue to trade closer to their recent lows. The latest pullback is considered corrective and the contract remains above support. Recent trend highs confirmed a continuation of the bull cycle and this maintains a price sequence of higher highs and higher lows. A resumption of gains would open 141.70, the Dec 13 high - the bull trigger is 140.73, Jan 19 high. Initial firm support to watch is at 137.53, the Jan 16 low.
  • Gilt futures remain in an uptrend and the contract pierced resistance yesterday at 105.71, the Jan 18 high. Fresh trend highs confirm a resumption of the short-term uptrend. The move signals potential for a climb towards 107.06, the Nov 24 high and a key resistance. The first objective is the 106.00 handle. On the downside, initial firm support has been defined at 103.21, the Jan 17 low. A break would threaten the recent recovery.

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