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(H3) Bullish Outlook

GILT TECHS
  • RES 4: 106.18 High Dec 12
  • RES 3: 106.00 Round number resistance
  • RES 2: 105.20 76.4% retracement of the Nov 24 - Dec 28 bear leg
  • RES 1: 104.94 High Jan 13
  • PRICE: 104.45 @ Close Jan 17
  • SUP 1: 103.21/102.78 Low Jan 17 / High Jan 6
  • SUP 2: 102.19/101.40 Low Jan 11 / 10
  • SUP 3: 99.97 Low Jan 3
  • SUP 4: 99.18 Low Dec 28 and the bear trigger

Gilt futures remain in an uptrend. The contract has recently cleared resistance at 102.78, the Jan 6 high. The break maintains the current bullish price sequence of higher highs and higher lows and attention is on 105.20, the 76.4% retracement of the Nov 24 - Dec 28 bear leg. Clearance of this level would signal scope for a climb towards 106.00. Firm and key short-term support has been defined at 101.40, Oct 10 low.

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