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(U1) Clears Resistance

GILT TECHS
  • RES 4: 131.37 38.2% retracement of the Aug '20 - Jun sell-off
  • RES 3: 130.72 2.236 proj of the May 13 - 26 - Jun 3 price swing
  • RES 2: 130.62 High Feb 22 (cont)
  • RES 1: 130.48 High Jul 20
  • PRICE: 129.90 @ Close Jul 20
  • SUP 1: 129.19 Low Jul 19
  • SUP 2: 128.54/39 Low Jul 14 / High Jun 11 and recent breakout level
  • SUP 3: 128.03 Jul 6
  • SUP 4: 127.25 Low Jun 10

Gilt futures traded higher again yesterday but did find resistance at the session high. Gains this week have resulted in a break of key short-term resistance at 129.92, Jul 8 high. The break confirms a resumption of the uptrend that started mid-May and maintains a bullish price sequence of higher highs and higher lows. MA studies also support a bullish outlook. The focus is on 130.62, Feb 22 high (cont). Firm support is at 128.54, Jul 14 low.

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