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(H2) Remains Weak

GILT TECHS
  • RES 4: 127.94/128.00 61.8% of Aug - Oct move (cont) / High Aug 31
  • RES 3: 127.47/67 High Dec 20 / High Dec 8
  • RES 2: 126.76 High Dec 21
  • RES 1: 125.93 High Dec 22
  • PRICE: 125.24@ Close Dec 23
  • SUP 1: 125.00 76.4% retracement of the Nov 24 - Dec 8 rally
  • SUP 2: 124.94 High Nov 25 and gap low
  • SUP 3: 124.48 Low Nov 25
  • SUP 4: 124.17 Low Nov 24 and a key support

A steep sell-off in Gilt futures on Dec 21 resulted in a break of support at 126.34, Dec 16 low. The contract has also traded below its 20-day EMA. The break lower places on hold a recent bullish focus and instead signals scope for a deeper pullback. Support at 125.44, the Nov 26 low and a gap high on the daily chart has been cleared. This opens 124.94 next. Firm resistance is at 126.76, the Dec 21 high. Initial resistance is at 125.93, the Dec 22 high.

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