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GILT TECHS: (M3) Key Support At 99.73 Remains Intact For Now

GILT TECHS
  • RES 4: 102.99 High Apr 14
  • RES 3: 102.63 38.2% retracement of the Mar 20 - Apr 19 bear leg
  • RES 2: 101.98/102.46 High May 11 / 3
  • RES 1: 101.20 20-day EMA
  • PRICE: 100.36 @ Close May 17
  • SUP 1: 99.97 Low May 10
  • SUP 2: 99.73 Low Apr 19 and a key near-term support
  • SUP 3: 99.55 Low Mar 8
  • SUP 4: 99.20 Low Feb 28 and key support

Gilt futures traded lower Wednesday but, for now, price remains above key support at 99.73, Apr 19 low. A resumption of gains would refocus attention on resistance at 102.46 May 3 high, where a break would reinstate a bullish theme. This would signal scope for a climb towards 102.63, a Fibonacci retracement and 102.99, the Apr 14 high. For bears, a break of 99.73 would instead confirm a resumption of the downtrend that started Mar 20.

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