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(M3) Gaps Higher

GILT TECHS
  • RES 4: 103.01 2.618 proj of the Feb 28 - Mar 6 - Mar 7 price swing
  • RES 3: 102.63 High Feb 15
  • RES 2: 102.20 High Feb 20
  • RES 1: 102.00 Round number resistance
  • PRICE: 101.99 @ 08:12 GMT Mar 10
  • SUP 1: 101.62 Intraday low
  • SUP 2: 100.91 High Mar 9 high and a gap low
  • SUP 3: 100.06 Low Mar 9
  • SUP 4: 99.32 Low Mar 7

Gilt futures remain above 99.20, the Feb 28 low and the contract is trading higher today. The gap higher at today’s open, strengthens a short-term bullish theme and suggests scope for a stronger corrective bounce. Price is testing resistance at 101.92, the Feb 24 high and a key short-term resistance. A clear break would open 102.20, the Feb 20 high. On the downside, initial support is seen at 100.91, the Mar 9 high and a gap low on the daily chart.

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