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(U2) Retracement Lower Extends

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: 118.88/119.84 High Aug 4 / 2 and the bull trigger
  • PRICE: 116.66 @ Close Aug 5
  • SUP 1: 116.31 50-day EMA
  • SUP 2: 116.27 Trendline support drawn from the Jun 16 low
  • SUP 3: 114.08 Low Jul 8 and a key support
  • SUP 4: 113.03 Low Jun 30

Gilt futures traded lower again Friday, extending the currecting corrective pullback. The short-term outlook remains bullish. Moving average studies are in a bull mode set-up and gains since Jun 16 have established a bullish price sequence of higher highs and higher lows. Key trend support is at 114.08, the Jul 8 low. The next firm support is 116.33, the 50-day EMA. A resumption of gains would refocus attention on 119.84.

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