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(M1) Trades Through Support

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
  • RES 1: 128.45/129.09 20-day EMA / High Apr 23 and reversal trigger
  • PRICE: 128.12 @ Close Apr 28
  • SUP 1: 127.62 Low Apr 28
  • 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 lower yesterday and through support at 127.81, Apr 14 low. Despite recovering from the session low, yesterday's move down strengthens a bearish case following the recent pullback from 129.09, Apr 23 high and the area of resistance around the 50-day EMA. An extension lower would open 127.32, Apr 1 low ahead of the key support at 126.79, Mar 18 low. Key resistance is at 129.09.

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