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(M2) Southbound

GILT TECHS
  • RES 4: 123.52 High Mar 9
  • RES 3: 122.72 High Mar 18 and a key near-term resistance
  • RES 2: 120.85/122.35 20-day EMA / High Apr 4
  • RES 1: 120.47 High Apr 8
  • PRICE: 119.49 @ Close Apr 12
  • SUP 1: 118.42 Low Apr 12
  • SUP 2: 118.05 0.618 proj of the Mar 1 - 28 - Apr 4 price swing
  • SUP 3: 117.04 0.764 proj of the Mar 1 - 28 - Apr 4 price swing
  • SUP 4: 116.35 Low Dec 30 2015

The trend condition in Gilt futures remains bearish. The contract found resistance last week at 122.35, Apr 4 high. The pullback means price failed to remain above the 20-day EMA, and that an important resistance at 122.72, Mar 18 high, has remained intact. The recent cycle low prints confirm a resumption of the downtrend. The focus is on 118.05 next, a Fibonacci projection. Key trend resistance is at 122.35, Mar 9 high.

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