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(H4) Remains Vulnerable

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: 101.02 20-day EMA
  • PRICE: 100.66 @ Close Jan 05
  • SUP 1: 99.60 Low Jan 05
  • SUP 2: 98.97 High Dec 6 and a recent breakout level
  • SUP 3: 97.39 Low Dec 11
  • SUP 4: 96.67 Low Dec 5

Gilt futures started the year on a softer note. Last week’s move lower resulted in a break of the 20-day EMA suggesting scope for a bearish continuation near-term. Note that the contract has also traded through 100.36, the lower band of a MA envelope. This has exposed 98.97, the Dec 6 high. On the upside, initial firm resistance to watch is at 101.98, the Jan 3 high. A break would ease bearish pressure.

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