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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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  • RES 4: 135.97 High Nov 9
  • RES 3: 135.34 Low Oct 27
  • RES 2: 135.04 Low Oct 23 and a recent breakout level
  • RES 1: 134.48 High Nov 10
  • PRICE: 134.05 @ Close Nov 10
  • SUP 1: 133.93 Low Nov 10
  • SUP 2: 133.79 1.50 proj of Oct 16 - 23 sell-off from Nov 5 high
  • SUP 3: 135.55 61.8% retracement of the Mar - May rally (cont)
  • SUP 4: 133.29 1.76 proj of Oct 16 - 23 sell-off from Nov 5 high

Gilts sold off sharply Monday clearing a number of key support levels in the process. Most importantly, price traded through support at 135.04, low Oct 23 and through 134.32, Aug 28 low. The move lower confirms a resumption of the broader downleg that has been in place since early August. With futures lower again yesterday, the focus is on 133.79 next, A Fibonacci extension. On the upside, firm resistance is at 135.04.

MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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