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(U2) Corrective Bull Cycle Still In Play

GILT TECHS
  • RES 4: 118.63 High May 24
  • RES 3: 118.16 1.382 proj of the Jun 16 - 24- 29 price swing
  • RES 2: 117.48 1.236 proj of the Jun 16 - 24- 29 price swing
  • RES 1: 116.58 High Jul 1
  • PRICE: 114.71 @ Close Jul 4
  • SUP 1: 113.89/111.72 20-day EMA / Low Jun 29
  • SUP 2: 110.57 Low Jun 21
  • SUP 3: 109.89/60 Low Jun 16 / 4.50 proj of May 19 - 24 - 26 swing
  • SUP 4: 109.33 Low Jul 8 2014 (cont)

Gilt futures rallied last Friday to confirm a resumption of the bull cycle that started Jun 16 - price cleared resistance at 114.55, Jun 24 high. Friday’s gains also signal an acceleration of the current uptrend and the contract has crossed the 116.00 handle. A break of this level would open 117.48, a Fibonacci projection. On the downside, key short-term support has been defined at 111.72, the Jun 29 low.

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