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(U2) Watching Support

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: 117.62 @ Close Aug 10
  • SUP 1: 116.79/46 Trendline drawn from the Jun 16 low / 50-day EMA
  • SUP 2: 114.86 50.0% retracement of the Jun 16 - Aug 2 upleg
  • SUP 3: 114.08 Low Jul 8 and a key support
  • SUP 4: 113.69 61.8% retracement of the Jun 16 - Aug 2 upleg

Gilt futures remain above 116.44, the Aug 5 low. The short-term outlook is 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 initial firm support zone to watch is 116.46 the 50-day EMA and 116.79, trendline support drawn from the Jun 16 low. A resumption of gains would open 119.84, the bull trigger.

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