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(M1) Bearish Focus

  • RES 4: 129.75 High Feb 19
  • RES 3: 129.09/27 High Apr 23 and the reversal trigger / High Mar 2
  • RES 2: 128.80 High May 7 and key short-term resistance
  • RES 1: 128.08 High MAy 11
  • PRICE: 127.43 @ Close May 14
  • SUP 1: 126.86 Low May 13
  • SUP 2: 126.79 Low Mar 18 and the bear trigger
  • SUP 3: 126.56 1.0% 10-dma Envelope
  • SUP 4: 126.55 Low Apr 17, 2019 (cont)

The Gilt futures outlook remains bearish. The pullback from 128.80, May 7 high and last week's follow through reinforce bearish conditions. The move lower resulted in a break of support between 127.40 and 127.32, the Apr 29 and Apr 1 lows respectively. This exposes the major support at 126.79, Mar 18 low and the bear trigger. A break of 126.79 would confirm a resumption of the broader downtrend. Initial firm resistance is 128.80.

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