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(U3) Support Remains Exposed

GILT TECHS
  • RES 4: 97.64 High Jun 1 and the reversal trigger
  • RES 3: 97.43 High Jun 2
  • RES 2: 96.34/97.00 High Jun 27 / 23
  • RES 1: 95.65 20-day EMA
  • PRICE: 95.02 @ Close Jul 4
  • SUP 1: 94.37/93.88 Low Jun 30 / 20 and the bear trigger
  • 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)

Gilt futures remain soft following the recent move lower with price trading below 97.00, the Jun 23 high. The medium-term trend condition is bearish - a continuation lower and a break of 93.88, the Jun 20 low, would confirm a resumption of the trend. On the upside, a fresh recovery would expose key resistance at 97.64, the Jun 1 high. 97.00 is the bull trigger, the Jun 23 high. Initial resistance is at 95.65, the 20-day EMA.

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