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Price Signal Summary - Trend Needle In Gilts Points South

OUTLOOK
  • In the FI space, Bund futures started the week on a firmer note, trading higher Monday, and again today. Despite these gains, the outlook remains bearish. Price last week pierced key support at 133.10, the Apr 19 low. A clear break of this level would strengthen bearish conditions and open 132.71, a Fibonacci retracement ahead of 132.37, the Mar 10 low. Initial firm resistance is at 134.62, the 20-day EMA, where a break would ease bearish pressure.
  • Gilt futures remain in a bear mode position and last week’s extension lower reinforces current conditions. Moving average studies are also in a bear position highlighting a downtrend and recently, on the continuation chart, price has cleared a number of key support levels. The focus is on the 94.00 handle next. Initial resistance is seen at 96.14, the May 25 high. Short-term gains would be considered corrective.
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