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(M3) Gains Considered Corrective

GILT TECHS
  • RES 4: 102.50 20-day EMA
  • RES 3: 102.37 High Apr 17
  • RES 2: 101.60 High Apr 18
  • RES 1: 101.34 High Apr 21
  • PRICE: 100.82 @ Close Apr 21
  • 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 bearish theme in Gilt futures remains intact and short-term gains are considered corrective. Price has recently breached support at 102.74, the Mar 31 low and a bear trigger. The extension lower has also resulted in a test of the 100.00 handle. A continuation lower would open 99.55, the Mar 8 low ahead of 99.20, the Feb 28 low and key support. Initial resistance is seen at 101.34, Friday’s high.

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