Free Trial

(H2) Bearish Extension

GILT TECHS
  • RES 4: 125.18 High Dec 31
  • RES 3: 124.74 20-day EMA
  • RES 2: 124.17 Low Nov 24 and recent breakout level
  • RES 1: 123.73 Low Jan 5 and gap high
  • PRICE: 122.91 @ Close Jan 10
  • SUP 1: 122.78 Low Jan 10
  • SUP 2: 122.66 3.618 proj of the Dec 8 - 16 - 20 price swing
  • SUP 3: 122.46 3.764 proj of the Dec 8 - 16 - 20 price swing
  • SUP 4: 121.45 3.0% Lower Bollinger Band

Gilt futures remain in a downtrend and the contract weakened again yesterday. Last week’s sell-off resulted in a break of support at 124.35, Dec 29 low and 124.17, Nov 24 low. The move below the latter support has strengthened bearish conditions signalling scope for further downside. MA conditions are bearish, reinforcing current conditions. The focus is on the 122.66 next, a Fibonacci projection. Initial resistance is seen at 123.73.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.