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(H2) Stalled At Yesterday’s High

GILT TECHS
  • RES 4: 123.71 High Jan 24
  • RES 3: 122.56 50-day EMA
  • RES 2: 122.40 High Feb 3
  • RES 1: 121.75 High Feb 22
  • PRICE: 120.77 @ Close Feb 22
  • SUP 1: 119.32 Low Feb 16 and the bear trigger
  • SUP 2: 119.28 2.382 proj of the Jan 13 - 19 - 24 price swing
  • SUP 3: 119.21 1.0% 10-dma envelope
  • SUP 4: 119.06 2.500 proj of the Jan 13 - 19 - 24 price swing

Gilt futures traded lower Tuesday. The medium-term trend condition remains down and recent gains are likely part of a correction. The move higher has breached the 20-day EMA and further gains would suggest potential for a climb towards the 122.00 handle and the 50-day EMA at 122.56. The EMA represents a key resistance point. A deeper reversal lower would refocus attention on 119.32, the Feb 16 low and bear trigger.

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