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(H4) Remains Above Last Week’s Low

GILT TECHS
  • RES 4: 98.05 High Nov 17 and a key resistance
  • RES 3: 97.93 High Nov 22
  • RES 2: 97.39 76.4% retracement of the Nov 17 - 24 downleg
  • RES 1: 97.00 High Nov 28
  • PRICE: 96.87 @ Close Nov 28
  • SUP 1: 95.25 Low Nov 24
  • SUP 2: 95.00 Round number support
  • SUP 3: 94.74 2.618 proj of the Nov 17 - 20 - 22 price swing
  • SUP 4: 94.56 2.764 proj of the Nov 17 - 20 - 22 price swing

Gilt futures traded lower last week. The pullback is considered corrective - for now - and a bull cycle remains in play. Key short-term support is currently seen at 95.25, the Nov 24 low. The latest recovery from this level is a positive development and a continuation higher would open 98.05, the Nov 17 high and bull trigger. On the downside, a break of 95.25 would instead strengthen a bearish threat and expose 94.74, a Fibonacci projection.

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