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(H3) Bearish Break Persists

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: 103.20 @ 15:44 GMT Feb 20
  • SUP 1: 102.10 100-dma
  • SUP 2: 101.87 2.0% 10-dma envelope
  • SUP 3: 101.86 Low Feb 17
  • SUP 4: 99.18 Low Dec 28

Gilt futures printed another pullback low Friday, marking another bearish break for the contract. This confirms a reversal of the late January bullish theme, and opens next support at 101.87 initially, vol band support. 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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