May 24, 2024 05:48 GMT
(M4) Remains Soft
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: 97.67/98.76 50-day EMA / High May 16 and bull trigger
- PRICE: 96.69 @ Close May 23
- SUP 1: 96.58 Low May 23
- SUP 2: 96.16 76.4% of the Apr 25 - May 16 rally
- SUP 3: 95.36 Low Apr 25 and the bear trigger
- SUP 4: 94.86 2.236 proj of the Mar 12 - 15 - 22 price swing
Gilt futures remain soft following the recent strong sell-off. The contract has this week breached a former support at 97.23, the May 14 low. The break undermines a recent bullish theme and 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 97.67, 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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