May 22, 2024 05:44 GMT
(M4) Bull Cycle Remains In Play For Now
GILT TECHS
- RES 4: 99.37 High Apr 4
- RES 3: 99.19 76.4% of the Mar 12 - Apr 25 bear leg
- RES 2: 99.10 High Apr 10
- RES 1: 98.76 High May 16
- PRICE: 97.82 @ Close May 22
- SUP 1: 97.23 Low May 14 and a key near-term support
- SUP 2: 96.43/95.36 Low May 3 / Low Apr 25 and the bear trigger
- SUP 3: 95.00 Round number support
- SUP 4: 94.86 2.236 proj of the Mar 12 - 15 - 22 price swing
Gilt futures traded higher last week but the contract has pulled back from its recent highs. For bulls, a break of 98.76, the May 16 high, would confirm a resumption of the current uptrend and this would signal scope for a climb towards 99.19, a Fibonacci retracement. Initial firm support has been defined at 97.23, the May 14 low. Clearance of this level would instead be viewed as a bearish development.
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