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(H2) Resistance Still Intact

GILT TECHS
  • RES 4: 124.80 50.0% retracement of the Dec 8 - Jan 19 downleg
  • RES 3: 124.37 50-day EMA
  • RES 2: 124.17 Low Nov 24
  • RES 1: 123.79 High Jan 13 and a key near-term resistance
  • PRICE: 122.62 @ Close Jan 27
  • SUP 1: 121.93 Low Jan 19 and the bear trigger
  • SUP 2: 121.61 Low Nov 13 2018 (cont)
  • SUP 3: 121.34 3.0% Lower Bollinger Band
  • SUP 4: 121.12 Low Nov 8 2018 (cont)

Recent price action in Gilt futures has defined 121.93, Jan 19 low, as a key support and bear trigger. Bearish trend conditions remain intact and short-term gains are considered corrective. Firm resistance is seen at 123.79, Jan 13 high. A break of this level is required to signal a short-term base and allow for a stronger corrective bounce towards 124.37, the 50-day EMA. An extension lower would refocus attention on 121.93 again.

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