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(M3) Bullish Outlook And Support Remains Intact

GILT TECHS
  • RES 4: 108.00 Round number resistance
  • RES 3: 107.78 High Feb 2 and a key resistance (cont)
  • RES 2: 106.88 High Feb 6 (cont)
  • RES 1: 106.67 High Mar 17
  • PRICE: 105.98 @ Close Mar 17
  • SUP 1: 104.12 Low Mar 16
  • SUP 2: 103.82 38.2% retracement of the entire rally from Feb 28
  • SUP 3: 103.12 Low Mar 15
  • SUP 4: 102.67 20-day EMA

Gilt futures remain above 103.12, the Mar 15 low. For now, the outlook is bullish and a resumption of gains would signal scope for a climb towards 106.88, the Feb 6 high on the continuation chart. The contract did trade higher Friday and this reinforces bullish conditions. On the downside, firm support is seen at the 20-day EMA, where a break would strengthen any developing bearish threat. The average intersects at 102.67.

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