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(M2) Key Support Intact For Now

GILT TECHS
  • RES 4: 126.81 High Mar 1 and a key resistance
  • RES 3: 125.85 High Mar 4
  • RES 2: 124.60 High Mar 8
  • RES 1: 123.52 High Mar 9
  • PRICE: 121.80 @ Close Mar 15
  • SUP 1: 121.34 Low Mar 14
  • SUP 2: 121.10 Low Feb 16 and the bear trigger
  • SUP 3: 120.00 Round number support
  • SUP 4: 119.75 123.6% retracement of the Feb 15 - Mar 1 climb

Gilt futures started the week on a softer note, trading lower Monday. This marks an extension of the recent pullback from the Mar 1 high of 126.81. The contract has breached support at 123.50, Mar 1 low and 122.04, the Feb 23 low. This has exposed the key support at 121.10, Feb 16 low and the bear trigger. On the upside, a strong rebound would ease the bearish threat. Initial firm resistance is seen at $123.52, the Mar 9 high.

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