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GILT TECHS: (M5) Downtrend Remains Intact But Is Oversold

GILT TECHS
Fixed Income Technical AnalysisCEEMEABulletUKMarketsFixed Income Bullets
  • RES 4: 93.06 Low Mar 4 and a gap high on the daily chart   
  • RES 3: 92.41 High Mar5       
  • RES 2: 91.79 Low Feb   
  • RES 1: 91.56 Low Mar 5                   
  • PRICE: 91.07 @ 08:11 GMT Mar 6
  • SUP 1: 90.71 Intraday low                                     
  • SUP 2: 90.49 1.618 proj of the Feb 6 - 20 - Mar 4 price swing  
  • SUP 3: 90.19 1.764 proj of the Feb 6 - 20 - Mar 4 price swing   
  • SUP 4: 89.71 2.000 proj of the Feb 6 - 20 - Mar 4 price swing 

Gilt futures remain in a clear mode-mode condition. The contract has this week traded through a key support at 91.79, the Feb 20 low. This level also represented a bear trigger and the breach signals scope for a continuation lower, with sights on 90.49 next, a Fibonacci projection. The downtrend is oversold, a recovery would allow this set-up to unwind. Initial firm resistance is seen at 91.79, the Feb 20 low.

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  • RES 4: 93.06 Low Mar 4 and a gap high on the daily chart   
  • RES 3: 92.41 High Mar5       
  • RES 2: 91.79 Low Feb   
  • RES 1: 91.56 Low Mar 5                   
  • PRICE: 91.07 @ 08:11 GMT Mar 6
  • SUP 1: 90.71 Intraday low                                     
  • SUP 2: 90.49 1.618 proj of the Feb 6 - 20 - Mar 4 price swing  
  • SUP 3: 90.19 1.764 proj of the Feb 6 - 20 - Mar 4 price swing   
  • SUP 4: 89.71 2.000 proj of the Feb 6 - 20 - Mar 4 price swing 

Gilt futures remain in a clear mode-mode condition. The contract has this week traded through a key support at 91.79, the Feb 20 low. This level also represented a bear trigger and the breach signals scope for a continuation lower, with sights on 90.49 next, a Fibonacci projection. The downtrend is oversold, a recovery would allow this set-up to unwind. Initial firm resistance is seen at 91.79, the Feb 20 low.