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(M4) Fresh Cycle Low

GILT TECHS
  • RES 4: 99.37 High Apr 4
  • RES 3: 99.10 High Apr 10
  • RES 2: 98.43 20-day EMA
  • RES 1: 98.23 High Apr 12
  • PRICE: 96.56@ 08:23 BST Apr 16
  • SUP 1: 96.53 Intraday low
  • SUP 2: 96.30 1.618 proj of the Mar 12 - 15 - 22 price swing
  • SUP 3: 95.96 1.764 proj of the Mar 12 - 15 - 22 price swing
  • SUP 4: 95.41 2.00 proj of the Mar 12 - 15 - 22 price swing

A bearish theme in Gilt futures remains intact and the contract traded lower Monday, delivering a fresh cycle low of 96.71. The move down maintains the bearish price sequence of lower lows and lower highs. Moving average studies have crossed and highlight a bear-mode set-up. Scope is seen for an extension towards 96.30 next, a Fibonacci projection. Initial firm resistance is 98.23, the Apr 12 high.

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