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Price Signal Summary - Trend Structure In Bunds Remains Bullish

OUTLOOK
  • In the FI space, a bull cycle in Bund futures remains in play and recent gains reinforce the trend condition. 133.21, the Jun 14 high, was cleared on Jul 29, confirming a resumption of the uptrend. Sights are on 136.45, 76.4% of the Dec 27 - May 31 downleg (cont). The contract remains below the Aug 5 high, a pullback has allowed an overbought condition to unwind. A firm support to watch is 133.75, 20-day EMA.
  • The trend condition in Gilt futures remains bullish and the latest pullback appears to have been a correction. Recent gains confirmed a resumption of the uptrend that started May 29. Resistance at 99.23, the Jun 21 peak, has been cleared and scope is seen for a climb towards 101.78, the 2.236 projection of the May 29 - Jun 4 - 10 price swing. Initial key support lies at 99.26, the 20-day EMA.
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