(M2) Trend Condition Remains Bearish

• RES 4: 122.35 High Apr 4
• RES 3: 120.77 50-day EMA
• RES 2: 120.47 High Apr 8
• RES 1: 119.79 High Apr 25 and a bull trigger
• PRICE: 118.44 @ Close Apr 29
• 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 trend condition in Gilt futures remains bearish. Last week’s breach of the 20-day EMA and a trendline resistance drawn from the Mar 1 high, appeared initially to be a bullish development. Price has instead failed to hold on to recent gains, signalling the end of a correction higher. Resistance has been defined at 119.79, Apr 26 high where a break is required to reinstate a bullish theme. An extension lower would expose the 117.22 bear trigger.