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(M2) Bearish Extension

GILT TECHS
  • RES 4: 122.35 High Apr 4 and a key near-term resistance
  • RES 3: 121.88 High Apr 5
  • RES 2: 120.11/96 20-day EMA / High Apr 6
  • RES 1: 118.54 High Apr 19
  • PRICE: 117.72 @ Close Apr 19
  • SUP 1: 117.53 Low Apr 19
  • SUP 2: 117.04 0.764 proj of the Mar 1 - 28 - Apr 4 price swing
  • SUP 3: 116.35 Low Dec 30 2015
  • SUP 4: 115.40 1.00 proj of the Mar 1 - 28 - Apr 4 price swing

The trend condition in Gilt futures remains bearish and yesterday’s resumption of bearish activity confirmed a continuation of the downtrend. The move lower also maintains the bearish price sequence of lower lows and lower highs and moving average studies continue to point south. The focus is on 117.04 next, a Fibonacci projection. On the upside, the 20-day EMA at 120.11, is seen as a firm short-term resistance.

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  • RES 4: 122.35 High Apr 4 and a key near-term resistance
  • RES 3: 121.88 High Apr 5
  • RES 2: 120.11/96 20-day EMA / High Apr 6
  • RES 1: 118.54 High Apr 19
  • PRICE: 117.72 @ Close Apr 19
  • SUP 1: 117.53 Low Apr 19
  • SUP 2: 117.04 0.764 proj of the Mar 1 - 28 - Apr 4 price swing
  • SUP 3: 116.35 Low Dec 30 2015
  • SUP 4: 115.40 1.00 proj of the Mar 1 - 28 - Apr 4 price swing

The trend condition in Gilt futures remains bearish and yesterday’s resumption of bearish activity confirmed a continuation of the downtrend. The move lower also maintains the bearish price sequence of lower lows and lower highs and moving average studies continue to point south. The focus is on 117.04 next, a Fibonacci projection. On the upside, the 20-day EMA at 120.11, is seen as a firm short-term resistance.