MNI China Daily Summary: Wednesday, December 11

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(H3) Bearish Break

GILT TECHS
  • RES 4: 108.96 2.236 proj of the Jan 23 - 25 - 30 price swing
  • RES 3: 108.44 2.00 proj of the Jan 23 - 25 - 30 price swing
  • RES 2: 107.78 High Feb 2 and the bull trigger
  • RES 1: 105.67/106.88 High Feb 9 / 6
  • PRICE: 103.69 @ 15:28 GMT Feb 15
  • SUP 1: 102.67 Low Feb 14
  • SUP 2: 102.19 Low Jan 11
  • SUP 3: 101.88 100-dma
  • SUP 4: 101.85 3.0% 10-dma envelope

Gilt futures fell further Tuesday, marking another bearish break for the contract. This confirms a reversal of the late January bullish theme, and opens next support at 102.19 initially, before the 100-dma of 101.88. Initial resistance remains at 105.67, the Feb 9 high, but markets have opened a decent gap with that next upside level.

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