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(H3) Corrective Pullback

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: 107.78/108.00 High Feb 2 / Round number resistance
  • RES 1: 106.88 High Feb 6
  • PRICE: 105.00 @ Close Feb 7
  • SUP 1: 104.51 Low Feb 7
  • SUP 2: 104.04 Low Jan 30 and a key near-term support
  • SUP 3: 103.86 50-day EMA
  • SUP 4: 103.21 Low Jan 17

Gilt futures traded lower yesterday to extend the current bear leg. Initial firm support to watch lies at 104.04, Jan 30 low. The latest pullback is considered corrective, however, a break of 104.04 would highlight a short-term top and expose 103.86 initially, the 50-day EMA and a key support. A resumption of gains would refocus attention on the bull trigger that has been defined at 107.78, the Feb 2 high.

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