May 29, 2024 12:36 GMT
(U4) Bear Cycle Extends
GILT TECHS
- RES 4: 98.25 High May
- RES 3: 98.12 High May 17
- RES 2: 97.44 High May 23 and a key near-term hurdle
- RES 1: 96.43 Intraday high
- PRICE: 95.99 @ 13:25 BST May 29
- SUP 1: 95.87/85 Low May 1 / Intraday low
- SUP 2: 95.64 2.00 proj of the May 16 - 20- 21 price swing
- SUP 3: 95.35 2.236 proj of the May 16 - 20- 21 price swing
- SUP 4: 95.00 Round number support
Gilt futures have traded sharply lower today as the contract extends the reversal that started May 16. The recent break of 97.00 and the move through last week’s low at 96.60 (May 24), combined with today’s extension, has exposed support around 95.87, the May 1 low. It has been pierced, a clear break would strengthen a bearish theme. Initial firm resistance to watch is 97.44, the May 23 high. First resistance is today’s intraday high of 96.43.
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