(M4) Bull Cycle Extends

• RES 4: 100.55 2.236 retracement of the Feb 26 - 29 bear leg
• RES 3: 100.16 2.00 retracement of the Feb 26 - 29 bear leg
• RES 2: 100.00 Psychological round number
• RES 1: 99.88 High Mar 8
• PRICE: 99.33 @ Close Mar 7
• SUP 1: 98.33/97.91 Low Mar 5 / 4
• SUP 2: 97.42 Low Mar 1
• SUP 3: 96.83 Low Feb 29 and the bear trigger
• SUP 4: 96.00 Round number support

Gilt futures traded higher Thursday, extending the recovery from last week’s low. Resistance at 98.53, the Feb 26 high, has recently been cleared. The break eases recent bearish pressure and instead signals scope for a continuation higher near-term. 99.00 has also been cleared and sights are on the 100.00 handle next. Key support and the bear trigger has been defined at 96.83, the Feb 29 low. Initial support is at 98.33, the Mar 5 low.