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(U2) Uptrend Intact

GILT TECHS
  • RES 4: 118.71 1.50 proj of the Jun 16 - 24- 29 price swing
  • RES 3: 118.63 High May 24
  • RES 2: 118.16 1.382 proj of the Jun 16 - 24- 29 price swing
  • RES 1: 118.08 High Jul 26
  • PRICE: 117.43@ Close Jul 27
  • SUP 1: 116.41/115.82 Low Jul 22 / 20-day EMA
  • SUP 2: 114.08/113.03 Low Jul 8 / Low Jun 30
  • SUP 3: 111.72 Low Jun 29 and key near-term support
  • SUP 4: 110.57 Low Jun 21

The short-term outlook in Gilt futures remains bullish and the contract resumed its climb on Tuesday. This highlights an extension of the recent breach of resistance at 117.09, the Jul 6 high. The move higher maintains the bullish price sequence of higher highs and higher lows and paves the way for a climb towards 118.16 next, a Fibonacci projection. On the downside, key short-term support is unchanged at 114.08, the Jul 8 low.

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