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(Z0) Holding Above Support

GILT TECHS
  • RES 4: 137.89 High Aug 4 and major resistance
  • RES 3: 137-51 High Aug 6
  • RES 2: 137.31 High Aug 10
  • RES 1: 137.04/05 High Sep 21 / 76.4% of the Aug 4 - 28 decline
  • PRICE: 136.33 @ Close Sep 28
  • SUP 1: 135.93 Low Sep 17 and key near-term support
  • SUP 2: 135.70 Low Sep 10
  • SUP 3: 135.31 Low Sep 7 and the reversal trigger
  • SUP 4: 134.96 76.4% retracement of the Aug 28 - Sep 28 rally

Gilts are still trading below recent highs but have recently found support at 136.00, Sep 23 low. The contract is also holding above support at 135.93, Sep 17 low and 135.70, Sep 10 low. Recent weakness is still considered a correction. A clear breach of the 135.93-70 zone though would undermine this outlook and signal scope for a deeper retracement towards 135.31, Sep 7 low. Key resistance is at 137.04/05, a break resumes the bullish theme.

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