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Price Signal Summary - Uptrend In Bund Futures Remains Intact

OUTLOOK
  • In the FI space, the uptrend in Bund futures remains intact and the contract traded higher Thursday, confirming a resumption of the trend and an extension of the recent break of resistance at 135.81, Dec 7 high. The move higher maintains the bullish price sequence of higher highs and higher lows. Sights are on 138.49, a 3.382 projection of the Nov of the 13 - 17 - 24 price swing. Key short-term support has been defined at 134.37, the Dec 8 low. Initial firm support lies at 135.18, the 20-day EMA. A pullback would be considered corrective.
  • The current uptrend in Gilt futures remains intact and the contract gapped higher on Wednesday. This confirms once again, a resumption of the underlying uptrend and maintains a bullish price sequence of higher highs and higher lows. The focus is on 103.44 next, 76.4% of the Mar 20 - Oct 23 downleg (cont). Initial firm support lies at 100.20, the Dec 13 high. Short-term weakness would be considered corrective.

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