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(U4) Bullish Theme

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: 98.92/99.23 High Jun 25 / 21 and a key resistance
  • RES 1: 98.79 High Jul 16
  • PRICE: 98.52 @ Close Jul 17
  • SUP 1: 97.63/96.57 Low Jul 11 / 1 and a key support
  • SUP 2: 96.25 76.4% retracement of the May 29 - Jun 21 bull run
  • SUP 3: 96.12 Low Jun 10
  • SUP 4: 95.33 Low May 29 and a key support

Gilt futures maintain a firmer tone and the contract traded higher Tuesday. Resistance at 98.24, the Jun 28 high, has been cleared. That break, together with this week’s gains, signals scope for a climb towards key short-term resistance at 99.23, the Jun 21 high. Initial support to watch lies at 97.63, the Jul 11 low. A break would highlight a reversal and this would instead refocus attention on 96.57, the Jul 1 low and a key short-term support.

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