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Price Signal Summary - Trend Direction in Bunds Remains Down

OUTLOOK
  • In the FI space, Bund futures traded lower Monday. The contract maintains a softer tone and short-term gains are considered corrective. Resistance at 134.77, the Jun 12 high, remains intact. A break of this level is required to expose key short-term resistance at 135.85, the Jun 1 high. Support at 132.97, the Jun 8 low, was cleared last week and the break opens 132.12, the May 26 low and a bear trigger. Clearance of this level would strengthen bearish conditions.
  • Gilt futures remain bearish and last week’s move lower reinforces current conditions. Yesterday’s bearish start to the week has confirmed a resumption of the downtrend. The contract has breached 94.21, the May 26 low and bear trigger. A continuation lower would open 93.45, the 1.618 projection of the Feb 2 - 28 - Mar 20 price swing (cont) . Initial firm resistance is at 95.36, the Jun 16 high.
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