May 17, 2024 05:40 GMT
(M4) Bull Cycle Still In Play
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: 98.63 @ Close May 16
- 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 Wednesday, confirming an end to the recent pause in the bull cycle, which appeared to be a bull flag formation. The breach of resistance at 98.29, the May 10 high, confirms the flag and highlights a resumption of the recovery that started Apr 25. This signals scope for a climb towards 99.19, a Fibonacci retracement. Initial firm support has been defined at 97.23, the May 14 low.
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