(M3) Trend Direction Remains Down

• RES 4: 103.00 Round number resistance
• RES 3: 102.20 High Feb 20
• RES 2: 101.92 High Feb 24
• RES 1: 100.69/100.98 High Mar 1 / High Feb 27
• PRICE: 99.97 @ Close Mar 6
• SUP 1: 99.20 Low Feb 28 and the bear trigger
• SUP 2: 99.17 1.382 projection of the Feb 20 - 23 - 24 price swing
• SUP 3: 98.94 1.50 projection of the Feb 20 - 23 - 24 price swing
• SUP 4: 98.70 1.618 projection of the Feb 20 - 23 - 24 price swing

Gilt futures remain above 99.20, the Feb 28 low. Despite the recent bounce, trend conditions remain bearish and last week’s lows reinforce the current direction. The move down maintains the price sequence of lower lows and lower highs and note that the 100.00 handle has been breached. A continuation lower would open 99.17, the 1.382 projection of the Feb 20 - 23 - 24 price swing. On the upside, resistance is seen at 100.98, the Feb 27 high.