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(Z1) Bear Trend Remains Intact

GILT TECHS
  • RES 4: 126.84 Low Sep 17
  • RES 3: 126.44 High Sep 24
  • RES 2: 125.72 High Oct 1
  • RES 1: 124.77/125.27 20-day EMA / High Oct 14 and key resistance
  • PRICE: 124.21 @ Close Oct 25
  • SUP 1: 123.43 Low Oct 21 and the bear trigger
  • SUP 2: 123.16 Low Feb 27, 2019 (cont)
  • SUP 3: 122.75 2.236 proj of the Aug 31 - Sep 17 - 21 price swing
  • SUP 4: 122.15 Low Jan 18, 2019 (cont)

Gilt futures remain in a downtrend and last week's fresh trend low of 123.43, on Oct 21, confirmed a resumption of the downtrend. With momentum and moving average conditions still pointing south, fresh bearish pressure would open 123.16 next, the Feb 27, 2019 low. A break of the 123.00 handle is also likely near-term. Key resistance has been defined at 125.27, the Oct 14 high. A break would signal a short-term reversal.

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