(M3) Bear Leg Extends

• RES 4: 102.88 20-day EMA
• RES 3: 102.37 High Apr 17
• RES 2: 101.60 High Apr 18
• RES 1: 100.60 High Apr 19
• PRICE: 99.96 @ Close Apr 19
• SUP 1: 99.73 Low Apr 19
• SUP 2: 99.55 Low Mar 8
• SUP 3: 99.20 Low Feb 28 and key support
• SUP 4: 99.00 Round number support

A short-term bearish theme in Gilt futures remains in play and the contract traded lower Wednesday. Price has recently breached support at 102.74, the Mar 20 low and bear trigger. The extension lower has also resulted in a move through the 100.00 handle. A continuation of the downleg would open 99.55, the Mar 8 low ahead of 99.20, the Feb 28 low and a key support. Initial firm resistance is seen at 100.60, yesterday’s intraday high.