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(M1) Focus Is On The Key Resistance Zone

GILT TECHS
  • RES 4: 130.38 High Feb 17 and 18
  • RES 3: 129.75 High Feb 19
  • RES 2: 129.27 High Mar 2 and the reversal trigger
  • RES 1: 128.93/96 High Mar 25 / High Apr 21
  • PRICE: 128.67 @ Close Apr 21
  • SUP 1: 127.81 Low Apr 14
  • SUP 2: 127.32 Low Apr 1
  • SUP 3: 126.79 Low Mar 18 and the bear trigger
  • SUP 4: 126.55 Low Apr 17, 2019 (cont)

Gilt futures traded higher yesterday but stalled at the session high. The downtrend remains intact and sS/T gains are still considered corrective. However, the contract is trading close to a host of key resistance levels defined by 128.93, Mar 25 high and 129.27, Mar 2 high. The former was probed yesterday but a clear breach of this zone is required to signal a base and a reversal. Support and near-term bear trigger is at 127.81, Apr 14 low.

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