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(U2) Corrective Bull Cycle Still In Play

GILT TECHS
  • RES 4: 116.00 Round number resistance
  • RES 3: 115.55 High Jun 6
  • RES 2: 115.02 High Jun 8
  • RES 1: 114.28 High Jun 10
  • PRICE: 114.14 @ Close BST Jun 24
  • SUP 1: 111.93 Low Jun 23
  • SUP 2: 110.57 Low Jun 21
  • SUP 3: 109.89/60 Low Jun 16 / 4.50 proj of May 19 - 24 - 26 swing
  • SUP 4: 109.33 Low Jul 8 2014 (cont)

Gilt futures rallied sharply higher Thursday. The recovery resulted in a breach of resistance at 113.25, the Jun 15 high and price has also traded through the 20-day EMA. This signals scope for an extension higher and has opened; 114.28, the Jun 10 high, and 155.55, the Jun 6 high. Gains are still considered corrective and the primary trend direction is down. A return lower would refocus attention on 109.89, the Jun 16 low and bear trigger.

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