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(M2) Fails To Hold On To Recent Highs

GILT TECHS
  • RES 4: 122.35 High Apr 4
  • RES 3: 120.96 50-day EMA
  • RES 2: 120.47 High Apr 8
  • RES 1: 119.79 High Apr 25 and a bull trigger
  • PRICE: 118.85 @ Close Apr 28
  • SUP 1: 118.27/117.22 Low Apr 25 / Low Apr 22 and a bear trigger
  • 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 broader trend condition in Gilt futures remains bearish. This week’s breach of the 20-day EMA and a trendline resistance drawn from the Mar 1 high, appeared to be a bullish development. Price has instead failed to hold on to recent highs, signalling the end of the recent correction. Resistance has been defined at 119.79, the Apr 26 high where a break is required to reinstate a bullish theme. An extension lower would expose the 117.22 bear trigger.

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