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###POV Below 120.54 To Confirm 200-WMA...>

GILT TECHS
GILT TECHS: ###POV Below 120.54 To Confirm 200-WMA Break
- Lower weekly swing highs following the 130.12 2017 high combined with Dec
topside failures around the 55-WMA (126.24) & 100-WMA (125.95) see the contract
remain offered during 2018. This has resulted in immediate pressure on the
200-WMA (121.39). A close below the 200-WMA was last seen in mid-2015.
- The May 25 2016 monthly low at 120.54 is now key. LT traders look for a close
below to confirm traction below the 200-WMA and to shift overall focus to tests
of 114.41 2015 lows. Weekly studies have room to move before O/S becomes and
issue. The 118.93 (Apr 2016 mthly low) & 116.17 (Nov 2015 mthly low) levels are
likely to support along the way.
- Layers of resistance remain in place with the 55-WMA key. Bulls need a close
above this level to confirm an easing of LT bearish pressure and above the
falling daily TL (128.01) off Sept 2016 highs to hint at a move back to 132.97
2016 highs with above 130.12 2017 highs to confirm.
- Click for chart https://tinyurl.com/y89mhguh

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