(H4) Pierces Key Support

• RES 4: 101.51 61.8% retracement of the Dec 27 - Jan 25 bear leg
• RES 3: 101.98 High Jan 3
• RES 2: 100.76 50.0% retracement of the Dec 27 - Jan 25 bear leg
• RES 1: 98.90/100.62 20-day EMA / High Feb 1 and key resistance
• PRICE: 97.89 @ 08:18 GMT
• SUP 1: 97.39 Low Dec 11 and a key support
• SUP 2: 97.00 Round number support
• SUP 3: 96.67 Low Dec 5
• SUP 4: 96.10 Low Nov 30

A bear threat in Gilt futures remains present. Attention is on key support and the bear trigger at 97.57, the Jan 25 low. It has been pierced, a clear break of this level would confirm a resumption of the downtrend and open the 97.00 handle. A key short-term resistance has been defined at 100.62, the Feb 1 high. Clearance of this level is required to reinstate the recent bullish theme and this would instead open 100.76, 50.0% of the Dec 27 - Jan 25 bear leg.