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(H3) Bear Leg Extends

GILT TECHS
  • RES 4: 106.95 High Dec 2
  • RES 3: 106.18 High Dec 12
  • RES 2: 105.29 High Dec 15 and a key short-term resistance
  • RES 1: 103.67/104.31 High Dec 19 / 16
  • PRICE: 101.31 @ 08:20 GMT Dec 20
  • SUP 1: 100.00 / 99.92 Psychological support / Low Nov 8 (cont)
  • SUP 2: 98.15 Low Oct 24 (cont)
  • SUP 3: 97.33 61.8% retracement of the Oct 12 - Nov 25 bull phase
  • SUP 4: 95.82 Low Oct 21 (cont)

Gilt futures started the week on a softer note, extending the current bearish leg. The move lower Monday resulted in a clear break of support at 103.54, the Nov 21 low. This has strengthened a bearish threat 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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