OUTLOOK: Price Signal Summary - Monitoring Resistance In Bunds
Jan-24 12:22
- In the FI space, a corrective phase in Bund futures remains in play - for now The Jan 15 rally highlighted a reversal and the start of the correction. An extension higher has allowed an oversold trend condition to unwind. Key short-term resistance is seen at 117.215, the 20-day EMA. On the downside, a break of 116.280, Jan 14 / 15 low, would resume the downtrend. The pullback from Wednesday’s high is potentially an early reversal signal suggesting the correction is over.
- The medium-term trend condition in Gilt futures remains bearish. However, recent gains highlight a corrective phase and signal scope for a continuation near-term. This week’s climb reinforces current short-term conditions. The 20-day EMA, at 91.67, has been breached. The focus is on 92.75, 50.0% of the Dec 3 - Jan 13 bear leg. Initial support is at 91.10, the Jan 20 low.
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