(M4) Bearish Theme

• RES 4: 100.73 1.764 projection of the Feb 29 - Mar 1 - 4 price swing
• RES 3: 100.50 1.618 projection of the Feb 29 - Mar 1 - 4 price swing
• RES 2: 100.05/100.37 High Mar 22 / 12 and a key S/T resistance
• RES 1: 98.05/99.37 Low Mar 15 / High Apr 4
• PRICE: 97.10 @ Close Apr 11
• SUP 1: 96.83/82 Low Feb 29 and the bear trigger / Intraday low
• SUP 2: 96.57 1.50 proj of the Mar 12 - 15 - 22 price swing
• SUP 3: 96.30 1.618 proj of the Mar 12 - 15 - 22 price swing
• SUP 4: 95.96 1.764 proj of the Mar 12 - 15 - 22 price swing

A bear threat in Gilt futures remains present and the contract traded lower again yesterday reinforcing a bearish theme. Support at 98.05, the Mar 15 low, has been cleared this week. Note too that 97.67, 76.4% of the Feb 29 - Mar 12 rally, has also been breached and key support at 96.83, the Feb 29 low, has been pierced. A continuation lower would open 96.57, a Fibonacci projection. Initial firm resistance is 99.37, the Apr 4 high.