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(H1) Bullish Conditions Improve

GILT TECHS
  • RES 4: 135.67 1.236 proj of Nov 11 - 30 rally from Dec 2 low
  • RES 3: 135.26 1.000 proj of Nov 11 - 30 rally from Dec 2 low
  • RES 2: 135.00 Round number resistance
  • RES 1: 134.88 High Dec 8
  • PRICE: 134.79 @ Close Dec 8
  • SUP 1: 134.07 Low Dec 7
  • SUP 2: 133.52 Low Dec 2 and a bear trigger
  • SUP 3: 133.44 Low Nov 16
  • SUP 4: 133.35 Low Nov 12

Gilt futures conditions have shifted in favour of bulls. The contract started the week on a firm note and traded higher once again yesterday. Price has cleared key resistance at 134.70, Nov 20 high and a bull trigger. The break negates the recent bearish focus and instead confirms a resumption of the uptrend that started Nov 11. Attention is on 135.00 next and 135.26, a Fibonacci projection. Key support has been defined at 133.52.

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