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(H1) Clears The 20- and 50-day EMAs

  • RES 4: 135.16 High Jan 6
  • RES 3: 135.04 61.8% retracement of the Jan 4 - 12 downleg
  • RES 2: 134.96 High Jan 7
  • RES 1: 134.76 High Jan 25 and 50% of the Jan 4 - 12 downleg
  • PRICE: 134.73 @ Close Jan 25
  • SUP 1: 134.49 20-day EMA
  • SUP 2: 134.14 Low Jan 25
  • SUP 3: 133.79 Low Jan 21
  • SUP 4: 133.55 Low Jan 11 and the bear trigger

Gilt futures rallied sharply higher yesterday and in the process managed to clear resistance at 134.47/60, the 20- and 50-day EMAs. This has placed on hold the recent bearish threat and the strong daily close yesterday reinforces a short-term bullish picture. Scope is seen for a climb towards 135.04 next, the 61.8% retracement of the Jan 4 - 12 downleg. The 20-day EMA at 134.49 marks initial support ahead of yesterday's 134.14 low.

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