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(M1) 129.27 Resistance Remains Intact

GILT TECHS
  • RES 4: 130.46 High Feb 16
  • RES 3: 130.00 Round number support
  • RES 2: 129.75 High Feb 19
  • RES 1: 129.27 High Mar 2
  • PRICE: 128.70 @ Close Mar 4
  • SUP 1: 127.94 Low Mar 1
  • SUP 2: 127.55 Low Feb 26
  • SUP 3: 127.37 61.8% retrace of the 2018 - 2020 bullish cycle (cont)
  • SUP 4: 126.85 Low May 3, 2019 (cont)

Gilt futures remain in a downtrend as price maintains a bearish sequence of lower lows and lowers highs. From a short-term perspective though, a corrective bullish cycle appears to be in play although Wednesday's sell-off signals the possible end of the correction. Resistance to watch today is at 129.27, Mar 2 high. A break would allow for a stronger recovery. Support lies at 127.55, Feb 26 low and the trigger for a resumption of the downtrend.

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