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(H2) Key S/T Resistance Remains Intact

GILT TECHS
  • RES 4: 124.46 High Jan 4
  • RES 3: 124.17 Low Nov 24
  • RES 2: 123.79 High Jan 13 and a key near-term resistance
  • RES 1: 123.53 High Jan 21
  • PRICE: 123.21 @ Close Jan 21
  • SUP 1: 121.93 Low Jan 19
  • SUP 2: 121.61 Low Nov 13 2018 (cont)
  • SUP 3: 121.12 Low Nov 8 2018 (cont)
  • SUP 4: 120.98 3.0% Lower Bollinger Band

Gilt futures traded sharply lower last week before rebounding. Bearish trend conditions remain intact and last week’s move lower resulted in a break of former support at 122.78, Jan 10 low. This confirms a resumption of the downtrend and maintains a bearish price sequence of lower lows and lower highs. The focus is on 121.61 next, the Nov 13 2018 low (cont). Firm resistance is seen at 123.79 where a break would signal a short-term base.

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