(U1) Fades Off Bull Trigger

• RES 4: 131.72 38.2% retracement of the Mar'20 - Jun'21 sell-off
• RES 3: 131.37 38.2% retracement of the Aug '20 - Jun sell-off
• RES 2: 130.88 200-dma (cont)
• RES 1: 130.72 High Aug 3 / 2.236 proj of the May 13 - 26 - Jun 3 price swing / bull trigger
• PRICE: 129.59 @ 16:07 BST Aug 11
• SUP 1: 129.10 Low Jul 22
• 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 saw decent intraday buying mid-last week, pushing the high watermark up to 130.72 before prices faded, with markets ensuring a bearish weekly close. Nonetheless, there remains a bullish outlook which has dominated since the break of 129.92, Jul 8 high. The move above this level confirmed a resumption of the uptrend from mid-May and maintains a bullish price sequence of higher highs and higher lows. The focus shifts to the 130.88 200-dma. Watch support at 128.54, low Jul 14.