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(H4) Gaps Lower

GILT TECHS
  • RES 4: 103.94 High Dec 27 and the bull trigger
  • RES 3: 103.33 High Dec 29
  • RES 2: 101.98 High Jan 3
  • RES 1: 100.56 20-day EMA
  • PRICE: 99.03 @ 08:13 GMT Jan 17
  • SUP 1: 98.82 Intraday low
  • SUP 2: 98.00 Round number support
  • SUP 3: 97.39 Low Dec 11
  • SUP 4: 96.67 Low Dec 5

Gilt futures have gapped lower today and cleared support at 99.60. This reinforces a bearish theme and confirms a resumption of the downtrend that started Dec 27. The contract has also traded through support at 97.97, the Dec 6 high signalling scope for an extension towards 97.39, the Dec 11 low. On the upside, resistance to watch is at 100.56, the 20-day EMA. A clear break of the average would ease bearish pressure.

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