(M3) Gains Considered Corrective

• 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.