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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: 125.87 High Oct 27
  • PRICE: 125.65 @ Close Oct 27
  • SUP 1: 124.55 Low Oct 27
  • 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 rallied yesterday and have signalled a possible short-term reversal. In pattern terms, yesterday's breach of 125.27, Oct 14 high highlights a double bottom reversal. The close above 125.27 has confirmed this pattern and suggests the contract has reversed course and that gains are likely near-term. This reversal signals scope for a climb above 126.00 towards 126.39, a retracement level. Initial support is at 124.55.

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