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(H3) Bullish Short-Term Cycle

GILT TECHS
  • RES 4: 104.35 High Dec 16
  • RES 3: 103.67 High Dec 19
  • RES 2: 103.12 50.0% retracement of the Nov 24 - Dec 28 low
  • RES 1: 102.78 High Jan 6
  • PRICE: 101.87 @ Close Jan 10
  • SUP 1: 101.02 Low Dec 4
  • SUP 2: 99.97 Low Jan 3
  • SUP 3: 99.18 Low Dec 28 and the bear trigger
  • SUP 4: 98.15 Low Oct 24 (cont)

Gilt futures are trading below recent highs, however, a short-term uptrend remains intact following the recovery from 99.18, the Dec 28 low. The contract has traded above the 20-day EMA and sights are set on 103.12, a Fibonacci retracement. Clearance of this hurdle would strengthen bullish conditions. On the downside, initial firm support lies at 101.02, the Jan 4 low. Key support and the bear trigger has been defined at 98.15, the Dec 28 low.

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