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Price Signal Summary - Trend Needle In Bunds Continues To Point North

OUTLOOK
  • In the FI space, despite the recent move lower, Bund futures maintain a firmer short-term tone and the recent move lower appears to be a correction. The breach on Nov 15, of resistance at 130.93, the Nov 9 high, confirms a resumption of the uptrend that started Oct 4. The move higher opens 132.13, a 1.382 projection of the Oct 4 - 12 - 23 price swing. Firm support to watch is 129.35, the Nov 7 / 13 low. Clearance of this level would highlight a possible reversal.
  • Gilt futures traded lower last week. The pullback is considered corrective - for now - and a bull cycle remains in play. Key short-term support has been defined at 94.58, the Nov 13 low, and initial support lies at 94.86, the 50-day EMA. A break of 94.58 would undermine a bullish theme and instead signal scope for a deeper retracement. Key resistance is at 97.99, the Nov 17 high. Clearance of this level would resume the uptrend.
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