(U2) Eyeing The 20-Day EMA

• RES 4: 115.55 High Jun 6
• RES 3: 114.28 High Jun 10
• RES 2: 113.78 20-day EMA
• RES 1: 112.67/113.25 High Jun 22 and 15
• PRICE: 113.16 @ 0+9:57 BST Jun 23
• SUP 1: 110.57 Low Jun 21
• SUP 2: 109.89/60 Low Jun 16 / 4.50 proj of May 19 - 24 - 26 swing
• SUP 3: 109.33 Low Jul 8 2014 (cont)
• SUP 4: 108.98 Low Jul 7 2014 (cont)

Gilt futures are trading higher again this morning. The recovery has resulted in a test of resistance at 113.25, the Jun 15 high. A clear breach of this hurdle would signal scope for an extension higher and expose the 20-day EMA at 113.78. This average represents the next key short-term resistance. Gains are still considered corrective and the primary trend direction remains down. A return lower would refocus attention on 109.89, the Jun 16 low.