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(M2) Trend Needle Is Pointing South

GILT TECHS
  • RES 4: 122.35 High Apr 4
  • RES 3: 120.96 High Apr 6
  • RES 2: 120.34 50-day EMA
  • RES 1: 119.79 High Apr 25 and a key short-term resistance
  • PRICE: 117.57 @ Close May 6
  • SUP 1: 117.22 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 Gilt futures trend condition remains bearish. Moving average studies continue to point south and the dominant bearish price sequence of lower lows and lower highs remains intact. A firm resistance has been defined at 119.79, Apr 26 high where a break is required to reinstate a bullish theme. Attention is on the 117.22 bear trigger. A breach of this level would confirm a resumption of the primary downtrend.

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