(M3) Breaches Key Short-Term Support

• RES 4: 105.04 50.0% retracement of the Mar 20 - 31 downleg
• RES 3: 104.97 High Mar 6 and a key resistance
• RES 2: 104.16 High Apr 12
• RES 1: 102.74/103.40 Low Mar 31 / 20-day EMA
• PRICE: 101.70 @ Close Apr 17
• SUP 1: 101.63 Low Apr 17
• SUP 2: 101.12 76.4% retracement of the Feb 28 - Mar 20 rally
• SUP 3: 100.91 High Mar 9 and a gap low on the daily chart
• SUP 4: 100.06 Low Mar 9

A short-term bearish theme in Gilt futures remains in play and Monday’s move lower marks a bearish start to this week’s trading session. The contract has breached support at 102.74, the Mar 20 low and bear trigger. The break lower has also resulted in a move through 102.00 and this opens 101.12, a Fibonacci retracement. On the upside, key resistance is seen at 104.97, the Apr 6 high. Initial firm resistance is seen at 103.40, the 20-day EMA.