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Price Signal Summary - Trend Signal In Bunds remains Bearish

OUTLOOK
  • In the FI space, a bear threat in Bund futures remains present and short-term gains are considered corrective. The move lower last week undermines a recent bullish theme and signals scope for a deeper retracement. The next support to watch is 130.28, 76.4% of May 31 - Jun 14 rally. It has been pierced, a clear break would strengthen a bearish threat. Initial firm resistance is at 132.24, the Jun 28 high. A breach would instead highlight a reversal. Initial resistance is at 131.59, the 50-day EMA.
  • Gilt futures traded higher last week and have started this week’s session on a bullish note. Despite the latest gains, the short-term outlook remains bearish. The sell-off from Jun 21, signals scope for a continuation near-term and a resumption of weakness would open 96.25, the 76.4% retracement of the May 29 - Jun 21 bull run. On the upside, initial firm resistance to watch is 98.24, the Jun 28 high. It has been pierced, a clear of this level would be seen as a bullish development.
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