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(Z0) Focus Is On Key Resistance

GILT TECHS
  • RES 4: 137.44 High Aug 7
  • RES 3: 137.14 0.764 proj of Aug 28 - Sep 21 rally from Oct 7 low
  • RES 2: 137.04 High Sep 21 and a key resistance
  • RES 1: 136.97 High Oct 16 and the bull trigger
  • PRICE: 136.46 @ Close Oct 20
  • SUP 1: 136.27/09 Low Oct 15 / 20-day EMA
  • SUP 2: 135.79 61.8% retracement of the Oct 7 - 16 rally
  • SUP 3: 135.50 Low Oct 14
  • SUP 4: 135.06 Low Oct 7 and the bear trigger

Gilts maintain a bullish outlook despite yesterday's pullback. A deeper setback in price would be considered a correction. With bullish conditions still intact, attention is on the next key resistance at 137.04, Sep 21 high and the bull trigger. A break would reinforce last week's bullish reversal and open 137.14 and potentially 137.78 further out, both Fibonacci projection levels. Initial support lies at 136.27, Oct 15 low.

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