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Free Access(M3) Key Support Cleared
- RES 4: 102.46 High May 3 and a key resistance
- RES 3: 101.98 High May 11
- RES 2: 100.99 20-day EMA
- RES 1: 99.73/100.11 Low Apr 19 / High May 18
- PRICE: 98.98 @ Close May 18
- SUP 1: 98.84 Low May 19
- SUP 2: 98.54 1.382 projection of the May 3 - 10 - 11 price swing
- SUP 3: 98.15 Low Oct 24 2022 (cont)
- SUP 4: 97.95 1.618 projection of the May 3 - 10 - 11 price swing
Gilt futures traded lower Thursday, marking an acceleration of the downtrend. The contract has cleared support at 99.73, the Apr 19 low, and 99.20, the Feb 28 low and a key support level. This confirms a resumption of the current downtrend and signals scope for weakness towards 98.54 next, a Fibonacci projection. Initial resistance is 99.73 ahead of yesterday’s high of 100.11. Note that price has also traded through the late Dec 2022 lows.
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