(M3) Key Support Remains Intact

• RES 4: 103.53 50.0% retracement of the Mar 20 - Apr 19 bear leg
• RES 3: 102.99 High Apr 14
• RES 2: 102.63 38.2% retracement of the Mar 20 - Apr 19 bear leg
• RES 1: 101.98/102.46 High May 11 / 3
• PRICE: 101.51 @ Close May 11
• SUP 1: 100.65/99.97 Low May 11 / 10
• SUP 2: 99.73 Low Apr 19 and a key near-term support
• SUP 3: 99.55 Low Mar 8
• SUP 4: 99.20 Low Feb 28 and key support

Gilt futures traded lower Tuesday and breached support at 100.37, the May 2 low. The move exposed key support at 99.73, the Apr 19 low. However, the latest recovery means that this level remains intact for now. A continuation higher would signal scope for a climb towards the key short-term resistance at 102.46, the May 3 high, where a break is required to reinstate a bullish theme. For bears, a break of 99.73 would strengthen a bearish threat.