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(U1) Bull Rally Extends

  • RES 4: 130.62 High Feb 22 (cont)
  • RES 3: 130.30 2.00 proj of the May 13 - 26 - Jun 3 price swing
  • RES 2: 129.99 High Feb 24 (cont)
  • RES 1: 129.89 Intraday high
  • PRICE: 129.84 @ 09:44 BST Jul 8
  • SUP 1: 128.94 Low Jul 7
  • SUP 2: 128.39 High Jun 11 and recent breakout level
  • SUP 3: 128.03 Jul 6
  • SUP 4: 127.25/126.91 Low Jun 10 / Low Jun 17 and key support

Gilt futures are firmer again this morning. Recent gains have resulted in a clear break of the key short-term resistance at 128.39, Jun 11 high. The break represents an important bullish development and signals a resumption of the uptrend that started May 13. Furthermore, the move higher maintains a bullish price sequence of higher highs and higher lows. Attention is on 129.99, the Feb 24 high (cont). Initial support is at 128.39.

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