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(U1) Stalls Ahead Of Strong Resistance

GILT TECHS
  • RES 4: 128.10 2.500 projection of the May 13 - 19 price swing
  • RES 3: 128.00 Round number resistance
  • RES 2: 127.89 2.236 proj of the May 13 - 19 price swing
  • RES 1: 127.74/82 High May 7, 26 / High Apr 20 and a key resistance
  • PRICE: 127.03 @ Close May 27
  • SUP 1: 126.88 Low May 27
  • SUP 2: 126.55 Low May 21
  • SUP 3: 126.12 Low May 19
  • SUP 4: 125.94 Low May 13 and key support

The Gilt futures broader outlook remains bearish and the contract faced strong selling pressure yesterday. Recent gains are considered a correction and yesterday's move lower signals the potential end of the recent move higher. If correct, scope exists for short-term weakness that would expose this month's low of 125.94 and the bear trigger. Key S/T resistance is marked by the highs of early May and late April. A break would be bullish.

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