(H9) Topping Pattern In Play *RES 4:.....>

GILT TECHS: (H9) Topping Pattern In Play

*RES 4: 126.52 High Dec 15, 2017 (continuation chart) 

*RES 3: 125.64 High May 29 (continuation chart) 

*RES 2: 124.45 High Dec 10 

*RES 1: 124.00 Down trendline resistance from Dec 10 high 

*PREVIOUS CLOSE: 122.52 

*SUP 1: 122.41 Low Jan 16 

*SUP 2: 121.72 Low Nov 22 

*SUP 3: 121.12 Low Nov 8 (continuation chart) 

*SUP 4: 120.10 High Oct 8 (continuation chart) 

Gilt futures edged lower again yesterday as a large topping pattern appears to

be playing out. The initial downside target comes in at Wednesday's low of

122.41, and a break below here would open the Nov 22 lows at 121.72. Bulls need

to recover 123 to stabilise the outlook before targeting the 124 level which

marks down trendline resistance from the Dec 10 high. Above here would open a

return to the Dec 10 high at 124.45, extending the broader bullish trend.