Free Trial

(U18) Breaks Above 123.39 Fibo But.......>

GILT TECHS
GILT TECHS: (U18) Breaks Above 123.39 Fibo But Highly Overbought Near Term
*RES 4: 124.11 1% volatility band
*RES 3: 123.88 76.4% Fibo of 124.67-121.33
*RES 2: 123.75 1.618 swing of 123.19-122.28
*RES 1: 123.47/52 Intraday, May 31 highs
*PRICE: 123.21 @0735GMT 
*SUP 1: 122.90/00 Hourly support
*SUP 2: 122.73 Hourly base Jun 26
*SUP 3: 122.51/55 Jun 8 high, Jun 22 low
*SUP 4: 122.25/28 Jun 13 high, Jun 21 low
*COMMENTARY* Has opened today with a move above the 61.8% Fibo retrace level at
123.39. A high of 123.47 so far, as we now push into very highly overbought near
term conditions. The may 31 high at 123.52 is the next obvious resistance, ahead
of the swing target at 123.75 and the 76.4% Fibo retrace level atb 123.88. These
however may have to remain on hold, if support from 123.00-122.90 gives way.
This would open the door to 122.73 and the key 122.55-122.51 area.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.