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(Z0) Heavy As Bears Maintain Pressure

GILT TECHS
  • RES 4: 137.11 High Aug 11
  • RES 3: 136.43 High Aug 24 and key resistance
  • RES 2: 136.11 High Aug 25
  • RES 1: 135.60 High Aug 27
  • PRICE: 134.69 @ Close Aug 27
  • SUP 1: 134.59 Low Aug 27
  • SUP 2: 134.15 1.000 proj of the Aug 4 - 13 sell-off from Aug 24 high
  • SUP 3: 134.00 Round number support
  • SUP 4: 133.60 1.236 proj of the Aug 4 - 13 sell-off from Aug 24 high

Gilts futures traded sharply lower again yesterday and the contract maintains a strong bearish theme following this week's confirmation of a resumption of the downtrend that started early August. Conditions suggest further downside is likely. A number of Fibonacci projections have already been achieved this week, the focus is on 134.15 next. Yesterday's high of 135.60 marks resistance.

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