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(U4) Bullish Outlook

GILT TECHS
  • RES 4: 100.00 Psychological round number
  • RES 3: 99.62 1.382 proj of the May 29 - Jun 4 - 10 price swing
  • RES 2: 99.25 1.236 proj of the May 29 - Jun 4 - 10 price swing
  • RES 1: 98.89/99.05 High May 16 a key resistance / High Jun 14
  • PRICE: 98.33 @ Close Jun 17
  • SUP 1: 97.86 High Jun 4 and a recent breakout level
  • SUP 2: 97.45/96.84 20-day EMA / Low Jun 12
  • SUP 3: 96.12 Low Jun 10 and a key support
  • SUP 4: 95.58 Low May 31

Last week’s rally in Gilt futures, resulted in a break of resistance at 97.86, the Jun 4 high and 98.05, 76.4% of the May 16 - 29 bear cycle. This cancels a recent bearish threat and instead highlights a resumption of the bull cycle that started May 29. Friday’s gains reinforced the bull theme, resulting in a print above 98.89, the May 16 high. A clear break of this hurdle would reinforce bullish conditions. Initial firm support is 97.45, 20-day EMA.

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