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(U1) Testing Levels Above Resistance

GILT TECHS
  • RES 4: 130.72 2.236 proj of the May 13 - 26 - Jun 3 price swing
  • RES 3: 130.62 High Feb 22 (cont)
  • RES 2: 130.30 2.00 proj of the May 13 - 26 - Jun 3 price swing
  • RES 1: 130.29 High Jul 19
  • PRICE: 129.95 @ Close Jul 19
  • 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 started the week on a firm note and rallied yesterday. The move higher resulted in a probe of key short-term resistance at 129.92, the Jul 8 high. A clear breach of this level would confirm a resumption of the uptrend that started mid-May and maintain a bullish price sequence of higher highs and higher lows. MA studies also support a bullish outlook. The focus is on 130.62, the Feb 22 high (cont). Firm support is at 128.54, Jul 14 low.

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