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RATINGS

A Busier Ratings Slate This Week

STIR

Mixed SOFR Option Positioning

OIL

OPEC+ October Output Edged Lower: Argus

EUROZONE T-BILL ISSUANCE

W/C 14 November, 2022

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(Z1) Double Bottom Reversal

GILT TECHS
  • RES 4: 127.09 61.8% retracement of the Aug - Oct downleg
  • RES 3: 126.84 Low Sep 17
  • RES 2: 126.39 50.0% retracement of the Aug - Oct downleg
  • RES 1: 125.72 High Oct 1
  • PRICE: 125.63 @ 14:32 BST Oct 27
  • SUP 1: 124.55 Intraday low
  • SUP 2: 123.43 Low Oct 21 and the bear trigger
  • SUP 3: 123.16 Low Feb 27, 2019 (cont)
  • SUP 4: 122.75 2.236 proj of the Aug 31 - Sep 17 - 21 price swing

Gilt futures have accelerated higher today and in the process have highlighted a possible S/T reversal. In pattern terms, today's break of 125.27, Oct 14 high highlights a double bottom reversal - a close above 125.27 would confirm this pattern. It suggests the contract has reversed course and that gains are likely near-term. This has opened 125.72 next and also signals scope for a climb above 126.00. Initial support is at 124.55, today low.

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