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(Z0) Volatile But Remains Above Support

GILT TECHS
  • RES 4: 137-51 High Aug 6
  • RES 3: 137.31 High Aug 10
  • RES 2: 137.04/05 High Sep 21 / 76.4% of the Aug 4 - 28 decline
  • RES 1: 136.60 High Sep 30 and the near-term bull trigger
  • PRICE: 135.73@ Close Oct 2
  • SUP 1: 135.32 Low Oct 1 and the near-term bear trigger
  • SUP 2: 134.96 76.4% retracement of the Aug 28 - Sep 28 rally
  • SUP 3: 134.59 Low Sep 1
  • SUP 4: 134.32 Low Aug 28 and a key support

Volatile price action last week saw Gilts trade down to a 135.32 low before rebounding sharply. The recovery on Oct 1 signals a potential reversal of the recent downleg since the Sep 21 high and if price is able to remain above 135.32, scope is seen for an extension higher towards the 136.60 resistance, Sep 30 high. Clearance of this level would open 137.04, Sep 21 high. Sub 135.32 levels would resume bearish pressure once again.

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