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(U4) Reversal Lower Extends

GILT TECHS
  • RES 4: 98.89 High May 16 a key resistance
  • RES 3: 98.25 High May 21
  • RES 2: 98.04 76.4% retracement of the May 16 - 29 bear cycle
  • RES 1: 96.70/97.86 High Jun 10 / 4
  • PRICE: 96.22 @ Close Jun 10
  • SUP 1: 96.12 Low Jun 10
  • SUP 2: 95.58 Low May 31
  • SUP 3: 95.33 Low May 29 and the bear trigger
  • SUP 4: 95.00 Round number support

Gilt futures traded lower Friday and Monday and remains below last week’s high of 97.86 (Jun 4). For now, the recent climb is considered corrective. The next important resistance to watch is 97.86 and 98.04, a Fibonacci retracement point. A clear break of the latter would strengthen a bull phase and signal scope for a climb towards 98.89, the May 16 high. A stronger reversal lower would refocus attention on key support at 95.33, May 29 low.

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