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(U4) Holding On To Its Recent Gains

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: 98.47 @ 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 is holding on to its recent gains. 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 is 97.63, 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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