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Price Signal Summary - Trend Condition In Bunds Remains Bearish

OUTLOOK
  • In the FI space, the trend outlook in Bund futures remains bearish and this week’s move lower reinforces current conditions. The contract has pierced key support at 131.23, the Feb 29 low. A clear break of this level would confirm a resumption of the downtrend that started late December last year. Attention is on 130.87 and 130.25, the 1.00 and 1.236 projections of the Mar 8 - 18 - 27 price swing. On the upside, initial firm resistance is at 133.05, the Apr 12 high. Short-term gains are considered corrective - for now.
  • A bearish theme in Gilt futures remains intact and the contract has traded lower this week, delivering a fresh cycle low of 96.01 yesterday. The move down maintains the bearish price sequence of lower lows and lower highs. Moving average studies have crossed and highlight a bear-mode set-up. Scope is seen for an extension towards 95.96 and 95.41, the 1.764 and 2.00 projections of the Mar 12 - 15 - 22 price swing. Initial firm resistance is 98.23, the Apr 12 high.
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