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(U4) Resistance Remains Intact

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: 99.23 High Jun 21 and a key resistance
  • RES 1: 98.29/93 High Jul 25 / 16
  • PRICE: 97.98 @ Close Jul 25
  • SUP 1: 97.59 Low Jul 22
  • SUP 2: 96.96 Low Jul 3
  • SUP 3: 96.57 Low Jul 1 and a key support
  • SUP 4: 96.25 76.4% retracement of the May 29 - Jun 21 bull run

Gilt futures continue to trade closer to their recent lows and price remains below resistance at 98.93, the Jul 18 high. A resumption of weakness would signal scope for an extension towards 96.57, the Jul 1 low. Clearance of this level would strengthen a bearish threat. For bulls, a move through 98.93, and 99.23, the Jun 21 high, would instead confirm a resumption of the bull cycle that started May 29

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