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(U2) Bull Cycle Still In Play Despite Pullback

GILT TECHS
  • RES 4: 121.88 High Apr 5 (cont)
  • RES 3: 121.07 High May 12 (cont)
  • RES 2: 120.00 Round number resistance
  • RES 1: 118.41/119.84 High Aug 3 / 2 and the bull trigger
  • PRICE: 117.63 @ Close Aug 3
  • SUP 1: 116.71/70 20-day EMA / Low Jul 28
  • SUP 2: 116.24 50-day EMA
  • SUP 3: 114.08 Low Jul 8 and a key support
  • SUP 4: 113.03 Low Jun 30

The short-term outlook in Gilt futures remains bullish despite the pullback from Tuesday’s high of 119.84. Recent gains reinforce the bull trend condition and the move higher highlights an extension of the recent break of resistance at 117.09, Jul 6 high. This also maintains the bullish price sequence of higher highs and higher lows. Key short-term support is at 114.08, the Jul 8 low. Initial firm support is at 116.80, the 20-day EMA.

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  • RES 4: 121.88 High Apr 5 (cont)
  • RES 3: 121.07 High May 12 (cont)
  • RES 2: 120.00 Round number resistance
  • RES 1: 118.41/119.84 High Aug 3 / 2 and the bull trigger
  • PRICE: 117.63 @ Close Aug 3
  • SUP 1: 116.71/70 20-day EMA / Low Jul 28
  • SUP 2: 116.24 50-day EMA
  • SUP 3: 114.08 Low Jul 8 and a key support
  • SUP 4: 113.03 Low Jun 30

The short-term outlook in Gilt futures remains bullish despite the pullback from Tuesday’s high of 119.84. Recent gains reinforce the bull trend condition and the move higher highlights an extension of the recent break of resistance at 117.09, Jul 6 high. This also maintains the bullish price sequence of higher highs and higher lows. Key short-term support is at 114.08, the Jul 8 low. Initial firm support is at 116.80, the 20-day EMA.