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(H2) Trend Structure Remains Bearish

  • RES 4: 124.17 Low Nov 24
  • RES 3: 124.12 50-day EMA
  • RES 2: 123.79 High Jan 13 and a key near-term resistance
  • RES 1: 123.14 20-day EMA
  • PRICE: 121.94 @ Close Feb 1
  • SUP 1: 121.82 Low Feb 1
  • SUP 2: 121.61 Low Nov 13 2018 (cont)
  • SUP 3: 121.42 3.0% Lower Bollinger Band
  • SUP 4: 121.12 Low Nov 8 2018 (cont)

Gilt futures remain bearish. The contract traded lower Monday and through support 121.93, Jan 19 low. This confirmed a resumption of the downtrend and an extension of the bearish price sequence of lower lows and lower highs. Note too that MA studies are in a bear mode, reinforcing the current trend direction. The move lower opens 121.61 next, Nov 13 2018 low. On the upside, key short-term resistance has been defined at 123.71, Jan 24 high.

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