May 22, 2024 07:33 GMT
(M4) Gaps Lower And Is Through Support
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: 97.74/98.76 50-day EMA / High May 16 and bull trigger
- PRICE: 97.03 @ 08:23 BST May 22
- SUP 1: 96.83 Intraday low
- 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 have gapped lower at today’s open. This has resulted in the contract trading below support at 97.23, the May 14 low. The breach of this level undermines a recent bullish theme. A continuation lower would signal scope for a move towards key support at 95.36, the Apr 25 low. On the upside, initial resistance is seen at 97.74, the 50-day EMA. A break of key resistance at 98.76, the May 16 high, is required to reinstate a bullish theme.
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