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(H1) Bearish Cycle Extends

GILT TECHS
  • RES 4: 134.10 High Feb 2
  • RES 3: 133.65 High Jan 4
  • RES 2: 133.55 Low Dec 1 and a recent breakout level
  • RES 1: 132.75 High Feb 5
  • PRICE: 132.31 @ Close Feb 8
  • SUP 1: 131.73 Low Feb 8
  • SUP 2: 131.53 2.236 proj of Dec 11 - 24 sell-off from Jan 4 high
  • SUP 3: 131.24 2.382 projection of Dec 11 - 24 sell-off from Jan 4 high
  • SUP 4: 131.01 2.50 projection of Dec 11 - 24 sell-off from Jan 4 high

Gilt futures sold off again yesterday before finding support at the 131.73 session low. The continued move lower reinforces underlying bearish conditions with further downside likely near-term. Furthermore, last week's weakness confirmed a resumption of the underlying downtrend that started early August last year. The focus is on 131.53 next, a Fibonacci projection. On the upside, initial resistance is at Friday's intraday high of 132.75.

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