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(U4) Recovery Extends

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: 98.53 High Jul 11
  • PRICE: 98.51 @ Close Jul 11
  • 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 traded higher Thursday and the contract is holding on to the bulk of its recent gains. However, resistance at 98.24, the Jun 28 high, has been cleared. A continuation would expose key short-term resistance at 99.23, the Jun 21 high. On the downside, initial support to watch lies at 97.63, Thursday’s low. A break would highlight a reversal and this would refocus attention on 96.57, the Jul 1 low and a key short-term support.

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