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Price Signal Summary - Trend Direction In Bunds Remains Up

OUTLOOK
  • In the FI space, Bund futures maintain a firmer tone as the contract extends this week’s recovery. Price has cleared the 20- and 50-day EMAs and this strengthens the current bull cycle. A continuation higher would open 136.38, the May 16 high ahead of a key resistance at 137.29, the May 11 high. On the downside, initial firm support lies at 134.15, the May 30 low. A break is required to signal bearish reversal.
  • Gilt futures remain in a bear mode position, however, price has recovered from last week’s low. The move higher is considered corrective and the trend condition remains bearish. Moving average studies are in a bear-mode position highlighting a downtrend. The focus is on the 94.00 handle next. Initial resistance is at yesterday’s high of 97.01 and the bear trigger is 94.21, the May 26 low.
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