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(H1) Eyeing Key Resistance

GILT TECHS
  • RES 4: 135.00 Round number resistance
  • RES 3: 134.85 0.764 proj of Nov 11 - 30 rally from Dec 2 low
  • RES 2: 134.70 High Nov 20 and key near-term resistance
  • RES 1: 134.63 High Dec 7
  • PRICE: 134.55 @ Close Dec 7
  • 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 technical conditions appear to be shifting in favour of bulls. The contract started the week on a firm note, trading higher yesterday. Attention shifts to key resistance at 134.70, Nov 20 high and a bull trigger. A break would negate the recent bearish focus and instead confirm a resumption of the uptrend that started Nov 11. This would open 134.85, a Fibonacci projection and 135.00. Key support has been defined at 133.52.

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