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(U1) Corrective Bounce

GILT TECHS
  • RES 4: 128.10 2.500 projection of the May 13 - 19 price swing
  • RES 3: 127.89 2.236 proj of the May 13 - 19 price swing
  • RES 2: 127.74/82 High May 7, 26 / High Apr 20 and a key resistance
  • RES 1: 127.37 High May 28
  • PRICE: 127.29 @ Close Jun 4
  • SUP 1: 126.70 Low Jun 3
  • SUP 2: 126.55 Low May 21
  • SUP 3: 126.12 Low May 19
  • SUP 4: 125.94 Low May 13 and key support

Gilt futures broader outlook remains bearish despite Friday's gains. Recent gains stalled on May 27, resulting in a sharp pullback. This signals the end of the recent corrective recovery. If correct, it suggests scope for short-term weakness that would expose last month's low of 125.94 on May 13. This level also represents the bear trigger. Key short-term resistance is marked by the highs of early May and late April where a break would instead be bullish.

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