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(M3) Bears Remain In The Driver’s Seat

GILT TECHS
  • RES 4: 103.00 Round number resistance
  • RES 3: 102.20 High Feb 20
  • RES 2: 101.92 High Feb 24
  • RES 1: 100.25/100.98 High Feb 28 / 27
  • PRICE: 99.96 @ Close Feb 28
  • SUP 1: 99.20 Low Feb 28
  • SUP 2: 99.17 1.382 projection of the Feb 20 - 23 - 24 price swing
  • SUP 3: 98.94 1.50 projection of the Feb 20 - 23 - 24 price swing
  • SUP 4: 98.70 1.618 projection of the Feb 20 - 23 - 24 price swing

Gilt futures recovered from Tuesday’s intraday low of 99.20. Despite the bounce, trend conditions remain bearish and this week’s lows reinforce current conditions. The move down confirms a resumption of the trend and note that the 100.00 handle has been cleared. A continuation lower would open 99.17, the 1.382 projection of the Feb 20 - 23 - 24 price swing. On the upside, resistance is seen at Monday’s 100.98 high.

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