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(M3) Corrective Cycle Still In Play

GILT TECHS
  • RES 4: 102.63 High Feb 15
  • RES 3: 102.20 High Feb 20
  • RES 2: 101.92 High Feb 24 and a key short-term resistance
  • RES 1: 101.05 High Mar 8
  • PRICE: 100.48 @ Close Mar 9
  • SUP 1: 99.20 Low Feb 28 and the bear trigger
  • 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 remain above 99.20, the Feb 28 low and the contract traded higher Wednesday. Despite the recent bounce, trend conditions are bearish and short-term gains are considered corrective. Recent trend lows maintain the price sequence of lower lows and lower highs. A resumption of weakness would open 99.17, the 1.382 projection of the Feb 20 - 23 - 24 price swing. Key short-term resistance to watch is at 101.92, the Feb 24 high.

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