(H4) 20-day EMA Fragile Into Weekly Close

• RES 4: 104.57 2.50 proj of the Nov 30 - Dec 6 - Dec 11 price swing
• RES 3: 104.23 2.382 proj of the Nov 30 - Dec 6 - Dec 11 price swing
• RES 2: 104.16 High Apr 12 (cont)
• RES 1: 104.00 Psychological round number
• PRICE: 100.64 @ 08:17 Jan 05
• SUP 1: 100.61 Low Jan 05
• SUP 2: 100.35 2.0% 10-dma envelope
• SUP 3: 100.20 High Dec 13 and gap high
• SUP 4: 98.97 High Dec 6 and a recent breakout level

The uptrend in Gilt futures looked fragile into the Thursday close, with prices breaking below the 20-day EMA and signalling a slowdown in near-term momentum. For any reversal to accelerate, support at 100.35, the 2.0% 10-dma envelope, needs to give way, before mid-Dec levels can be considered. To the upside, a resumption of gains would open 104.00, just above the cycle high of 103.94.