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(U4) Watching Support

GILT TECHS
  • RES 4: 102.15 2.382 proj of the May 29 - Jun 4 - 10 price swing
  • RES 3: 102.00 Round number resistance
  • RES 2: 101.78 2.236 proj of the May 29 - Jun 4 - 10 price swing
  • RES 1: 100.43/101.46 High Aug 6 / 4
  • PRICE: 99.44 @ Close Aug 8
  • SUP 1: 99.20 Low Aug 8
  • SUP 2: 99.04/97.46 20-day EMA / Low Jul 26 and a key support
  • SUP 3: 96.96 Low Jul 3
  • SUP 4: 96.57 Low Jul 1

Recent gains in Gilt futures marked a confirmation of the uptrend that started May 29. Monday's high reinforces current conditions. Note that 99.23, the Jun 21 peak, has been cleared. Scope is seen for a climb towards 101.78, a Fibonacci projection point. Initial key support lies at 99.04, the 20-day EMA. The latest pullback is considered corrective, allowing an overbought trend condition to unwind.

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