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(U4) Uptrend Accelerates

GILT TECHS
  • RES 4: 101.18 2.00 proj of the May 29 - Jun 4 - 10 price swing
  • RES 3: 101.00 Round number resistance
  • RES 2: 100.58 1.764 proj of the May 29 - Jun 4 - 10 price swing
  • RES 1: 100.30 Intraday high
  • PRICE: 100.28 @ 15:22 BST Aug 1
  • SUP 1: 99.23 High Jun 21
  • SUP 2: 98.27/97.46 20-day EMA / Low Jul 26
  • SUP 3: 96.96 Low Jul 3
  • SUP 4: 96.57 Low Jul 1 and a key support

Gilt futures have traded higher this week and the uptrend has accelerated today. This week’s climb marks an extension of last Friday’s strong bounce and has resulted in a break of 99.23, the Jun 21 high. Clearance of this level confirms a resumption of the bull cycle that started May 29 and signals scope for a climb towards 100.58 next, a Fibonacci projection. Initial support lies at 99.23.

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