April 29, 2024 11:03 GMT
Price Signal Summary - Trend Direction In Gilts Remains Down
OUTLOOK
- In the FI space, the trend outlook in Bund futures is unchanged and remains bearish. The contract traded to fresh cycle lows last week, confirming once again a resumption of the downtrend. Sights are on 129.26, the 1.618 projection of the Mar 8 - 18 - 27 price swing. First resistance is at 131.37, the 20-day EMA.
- A bearish theme in Gilt futures remains intact. Last Wednesday’s break of support at 96.01, the Apr 17 low, confirms a resumption of the downtrend. Furthermore, moving average studies have recently crossed, highlighting a bear-mode set-up. Scope is seen for a move towards the 95.00 handle next. Initial firm resistance is 97.23, the 20-day EMA.
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