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(U2) Trend Needle Still Points South

  • RES 4: 117.49 High May 31
  • RES 3: 116.20 High Jun 1
  • RES 2: 115.55 High Jun 6 and key near-term resistance
  • RES 1: 114.09/114.86 38.2% of May 19 - Jun 14 bear leg / High Jun 9
  • PRICE: 112.69 @ Close Jun 15
  • SUP 1: 111.28 Low Jun 14
  • SUP 2: 111.00 Round number support
  • SUP 3: 110.59 4.00 proj of the May 19 - 24 - 26 price swing3.5
  • SUP 4: 110.12 4.236 proj of the May 19 - 24 - 26 price swing

Gilt futures outlook remains bearish and short-term gains are considered corrective. The move lower this week again confirms a resumption of the downtrend and an extension of the latest bear leg, which began May 19. This also maintains a bearish price sequence of lower lows and lower highs. The focus is on 111.00 next. Initial firm resistance is seen at 115.55, the Jun 6 high. Short-term gains would be considered corrective.

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