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(H2) Downtrend Remains Intact

GILT TECHS
  • RES 4: 125.18 High Dec 31
  • RES 3: 124.46 High Jan 4
  • RES 2: 124.17 Low Nov 24, recent breakout level and 20-day EMA
  • RES 1: 123.79 High Jan 13
  • PRICE: 123.03 @ Close Jan 17
  • SUP 1: 122.78 Low Jan 10 and the bear trigger
  • 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: 121.10 3.0% Lower Bollinger Band

Gilt futures traded lower Monday and recent gains appear to have been corrective. Bearish trend conditions remain intact. This follows the recent break of 124.35, Dec 29 low and 124.17, Nov 24 low. The contract also maintains a price sequence of lower lows and lower highs. Furthermore, the MA set-up remains in a bear mode. The focus is on 122.66 next, a Fibonacci projection. Firm resistance is seen at 124.17, the 20-day EMA.

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