Free Trial

(U3) Gains Considered Corrective

GILT TECHS
  • RES 4: 97.64 High Jun 1 and the reversal trigger
  • RES 3: 96.63/97.06 High Jun 9 / 6
  • RES 2: 96.31 High Jun 12
  • RES 1: 95.86 20-day EMA
  • PRICE: 95.28 @ Close Jun 22
  • SUP 1: 93.88 Low Jun 20
  • SUP 2: 93.45 1.618 proj of the Feb 2 - 28 - Mar 20 price swing (cont)
  • SUP 3: 93.00 Round number support
  • SUP 4: 92.66 Low Oct 14 2022 (cont)

A strong bounce in Gilt futures Tuesday has eased short-term bearish pressure. Gains - for now -are considered corrective and the trend direction remains down. This week’s bearish start to the week confirmed a resumption of the downtrend. The contract has breached support at 94.21, the May 26 low and bear trigger. A continuation lower would open 93.45, a Fibonacci projection. Initial firm resistance is at 95.86, the 20-day EMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.