(M3) Watching Key Support

• 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: 101.54/102.46 20-day EMA / High May 3
• PRICE: 100.72 @ Close May 10
• SUP 1: 99.97 Low May 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 exposes key support at 99.73, the Apr 19 low. A break of this level would cancel recent bullish developments and highlight a resumption of the downtrend that started Mar 20. This would open 99.20, the Feb 28 low. On the upside, the contract needs to clear 102.46, the May 3 high to reinstate a bullish theme.