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(Z0) Sharp Reversal Extends

GILT TECHS
  • RES 4: 136.74 Low Aug 10
  • RES 3: 136.53 61.8% retracement of the Aug 4 - 28 decline
  • RES 2: 136.43 Aug 24 high
  • RES 1: 136.13 High Sep 3
  • PRICE: 136.02 @ Close Sep 3
  • SUP 1: 135.71 Low Sep 3
  • SUP 2: 135.32 Low Sep 2
  • SUP 3: 134.32 Low Aug 28
  • SUP 4: 134.11 1.000 proj of the Aug 4 - 13 sell-off from Aug 24 high

A sharp rally in Gilts this week has seen an equally sharp downtrend reverse direction. Wednesday saw price trade through trendline resistance at 135.86, drawn off the Aug 4 high confirming for now, a shift in market sentiment. Continued follow through would pave the way for gains to 136.43, the Aug 24 high and 136.53, a Fibonacci retracement. Initial support lies at yesterday's low of 135.71.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com