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(M2) Resistance Remains Intact

GILT TECHS
  • RES 4: 122.35 High Apr 4
  • RES 3: 120.96 High Apr 6
  • RES 2: 120.21 50-day EMA
  • RES 1: 119.79 High Apr 25 and key resistance
  • PRICE: 119.14 @ Close May 10
  • SUP 1: 116.87 Low May 9 and the bear trigger
  • SUP 2: 116.35 Low Dec 30 2015 (cont)
  • SUP 3: 115.40 1.00 proj of the Mar 1 - 28 - Apr 4 price swing
  • SUP 4: 115.00 Round number support

The Gilt futures trend condition remains bearish and short-term gains are considered corrective. Moving average studies continue to point south and the dominant bearish price sequence of lower lows and lower highs remains intact. Resistance has been defined at 119.79, Apr 26 high where a break is required to signal a base. Monday’s print below 117.22, Apr 22 low, reinforced bearish conditions. The trigger for a continuation lower is 116.87, May 9 low.

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  • RES 4: 122.35 High Apr 4
  • RES 3: 120.96 High Apr 6
  • RES 2: 120.21 50-day EMA
  • RES 1: 119.79 High Apr 25 and key resistance
  • PRICE: 119.14 @ Close May 10
  • SUP 1: 116.87 Low May 9 and the bear trigger
  • SUP 2: 116.35 Low Dec 30 2015 (cont)
  • SUP 3: 115.40 1.00 proj of the Mar 1 - 28 - Apr 4 price swing
  • SUP 4: 115.00 Round number support

The Gilt futures trend condition remains bearish and short-term gains are considered corrective. Moving average studies continue to point south and the dominant bearish price sequence of lower lows and lower highs remains intact. Resistance has been defined at 119.79, Apr 26 high where a break is required to signal a base. Monday’s print below 117.22, Apr 22 low, reinforced bearish conditions. The trigger for a continuation lower is 116.87, May 9 low.