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Edging Away From Lows

CHINA RATES

China Repo Rates Rise on Monday

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  • RES 4: 128.42 High Sep 7
  • RES 3: 128.18 High Sep 10, 14
  • RES 2: 127.69 High Sep 21 and key near-term resistance
  • RES 1: 126.84 Low Sep 17
  • PRICE: 126.23 @ 10:51 BST Sep 24
  • SUP 1: 125.83 Intraday low
  • SUP 2: 125.48 1.00 proj of the Aug 31 - Sep 17 - 21 price swing
  • SUP 3: 124.96 1.236 proj of the Aug 31 - Sep 17 - 21 price swing
  • SUP 4: 124.64 1.382 proj of the Aug 31 - Sep 17 - 21 price swing

Gilt futures have traded lower again today but managed to find support at the intraday low of 125.83. The outlook is bearish though following this week's sell-off and break of support yesterday at 126.83, 2.00 projection of the Aug 20 - 26 - 31 price swing and 126.70, Jun 3 low (cont). The move lower confirms a resumption of the downtrend and opens 126.28 and 126.14 next, Fibonacci projections. Firm resistance is at 127.69, Sep 21 high.