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(U2)Trend Condition Remains Bearish

  • RES 4: 115.55 High Jun 6
  • RES 3: 114.26 20-day EMA
  • RES 2: 114.28 High Jun 10
  • RES 1: 113.25 High Jun 15
  • PRICE: 111.27 @ Close Jun 21
  • SUP 1: 111.08 Low Jun 20
  • 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 outlook remains bearish and last week’s cycle low again confirmed a resumption of the primary downtrend. Price remains above recent lows but short-term gains are considered corrective. The move lower last week highlighted an acceleration of the downtrend. The focus is on 109.60 next, a Fibonacci projection. Initial firm resistance is seen at 113.25, Jun 15 high.

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