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(U1) Approaching A Key Support

GILT TECHS
  • RES 4: 128.92 1.236 proj of the May 13 - 26 - Jun 3 price swing
  • RES 3: 128.50 1.00 proj of the May 13 - 26 - Jun 3 price swing
  • RES 2: 128.39 High Jun 11
  • RES 1: 127.87 High Jun 16
  • PRICE: 127.33 @ Close Jun 17
  • SUP 1: 126.91 Low Jun 10
  • SUP 2: 126.70 Low Jun 3 and key near-term support
  • SUP 3: 126.55 Low May 21
  • SUP 4: 126.12 Low May 19

On Jun 9 Gilt futures cleared 127.74/85, Apr 20 and May 7, 26 highs respectively and a key resistance zone. The move through 127.74 confirms a bullish price sequence of higher highs and higher lows, highlighting a bull theme. This week's pullback, although deep, is considered a correction with key S/T trend support at 126.70, Jun 3 low and a bullish theme remains in place while this level holds. A break would open 126.12 instead, low May 19.

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