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(H3) Bear Cycle Intact

GILT TECHS
  • RES 4: 106.18 High Dec 12
  • RES 3: 105.29 High Dec 15 and a key short-term resistance
  • RES 2: 103.67/104.31 High Dec 19 / 16
  • RES 1: 101.95 High Dec 20
  • PRICE: 101.08 @ Close Dec 22
  • SUP 1: 100.47 Low Dec 22
  • SUP 2: 100.00/99.92 Psychological support / Low Nov 8 (cont)
  • SUP 3: 98.15 Low Oct 24 (cont)
  • SUP 4: 97.33 61.8% retracement of the Oct 12 - Nov 25 bull phase

Gilt futures remain bearish and the contract traded lower Thursday, extending the current bearish leg. This week’s price action has confirmed a clear break of support at 103.54, the Nov 21 low. The move has strengthened the current downtrend and signals scope for a deeper pullback - towards the 100.00 psychological support. A break would open 98.15, the Oct 4 low (cont). Initial firm resistance is seen at 105.29, the Dec 15 high.

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