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(Z1) Double Bottom Still In Play

GILT TECHS
  • RES 4: 128.18 High Sep 10 and 14
  • RES 3: 127.95 76.4% retracement of the Aug - Oct downleg
  • RES 2: 127.69 High Sep 21
  • RES 1: 127.17 High Nov 5
  • PRICE: 126.97 @ Close Nov 8
  • SUP 1: 125.86 50-day EMA
  • SUP 2: 124.79/25 Low Nov 4 / Low Nov 1
  • SUP 3: 123.43 Low Oct 21 and the bear trigger
  • SUP 4: 123.16 Low Feb 27, 2019 (cont)

Gilt futures traded sharply higher last week. This has reinforced a recent bullish signal that highlighted a reversal - the break and close above 125.27, Oct 14 high confirmed a double bottom reversal pattern on Oct 27. Last week's break of 125.87, Oct 27 high and the subsequent follow through signals scope for further gains. The focus is on 127.69 next, Sep 21 high. Initial key support has been defined at 124.25, Nov 1 low.

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