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(H1) Near-term Trend Points Lower

GILT TECHS
  • RES 4: 133.55 Low Dec 1 and a recent breakout level
  • RES 3: 132.67 High Feb 11
  • RES 2: 131.73 Low Feb 8/12 and gap high on the daily chart
  • RES 1: 131.49 HIgh Feb 16 and gap low on the daily chart
  • PRICE: 130.21 @ Close Feb 23
  • SUP 1: 130.00 Psychological round number
  • SUP 2: 129.55 Low Feb 22
  • SUP 3: 127.99 Low Mar 19, 2020 (cont)
  • SUP 4: 129.55 3.236 proj of the Dec 11 - 24 sell-off from Jan 4 high

The technical outlook for Gilts deteriorated further still Monday, with the roll sending prices to new lows of 129.55. Further weakness is likely with a bearish cycle continuing to dominate. The move to fresh lows last week reinforces the bearish theme and confirms a resumption of the downtrend that started early August last year. With further selling pressure likely near-term, the focus is on a clean break of the 130.00 psychological level next. Initial resistance is at 131.49, Feb 16 high.

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