EM CEEMEA CREDIT: Republic of Hungary:  May Unemployment

The United Kingdom Debt Management Office (DMO) announces that the second transaction of the 2025-26 syndication programme will be the launch of a new index-linked gilt maturing on 22 September 2038. The new gilt will have the ISIN code GB00BMY62Z61 and the SEDOL code B-MY6-2Z6; it will pay a short first coupon on 22 September 2025.

• The transaction is planned to take place in the week commencing 9 June 2025, subject to demand and market conditions.

• RES 4: 6080.75 High Feb 26    
• RES 3: 6057.00 High Mar 3  
• RES 2: 6000.00 Round number resistance
• RES 1: 5993.50 High May 20 and the bull trigger
• PRICE: 5931.25 @ 07:23 BST May 28 
• SUP 1: 5756.50/5728.00 Low May 23 / 50-day EMA and key support
• SUP 2: 5596.00 Low May 7  
• SUP 3: 5455.50 Low Apr 30
• SUP 4: 5355.25 Low Apr 24 

A bullish trend condition in S&P E-Minis remains intact and the latest pullback appears to have been a correction. Last Friday’s sell-off resulted in a print below the 20-day EMA, at 5794.26. A key support lies at 5728.00, the 50-day EMA. A clear break of this average is required to highlight a stronger reversal and signal scope for a deeper retracement. Sights are on the bull trigger at 5993.50, the May 20 high.

• RES 4: $72.12 - High Feb 20  
• RES 3: $71.10 - High Apr 2 and key resistance
• RES 2: $65.82 - High Apr 4 2 and key resistance
• RES 1: $62.63/64.19 - 50-day EMA / High May 21
• PRICE: $61.06 @ 07:17 BST May 28 
• SUP 1: $54.33 - Low April 9 and the bear trigger  
• SUP 2: $53.30 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
• SUP 3: $52.14 - 2.382 proj of the Jan 15 - Feb 4 - 11 price swing
• SUP 4: $50.00 - Psychological round number  

WTI futures traded to a fresh S/T cycle high last Wednesday before finding resistance. The recovery since Apr 9, appears corrective. Key resistance to watch is $62.63, the 50-day EMA. It has been pierced, a clear break of it would highlight a stronger reversal and open $65.82, Apr 4 high. For bears a reversal lower would refocus attention on $54.33, the Apr 9 low and bear trigger. The price pattern on May 21 is a shooting star - a bearish signal.