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(Z1) Outlook Remains Bearish

GILT TECHS
  • RES 4: 130.53 High Aug 5 (cont)
  • RES 3: 129.35 High Aug 20 and
  • RES 2: 129.05 High Aug 31
  • RES 1: 128.42/77 High Sep 7 / High Sep 3 a key near-term resistance
  • PRICE: 128.02 @ Close Sep 10
  • SUP 1: 127.65 76.4% retracement of the Jun 3 - Aug 4 rally (cont)
  • SUP 2: 127.50 Low Jun 28 (cont)
  • SUP 3: 127.25 Low Jun 23 (cont)
  • SUP 4: 126.91 Low Jun 17 (cont)

The Gilt futures outlook remains bearish following last week's extension lower. Price has cleared former support at 128.11, Sep 1 low and traded through the 128.00 handle. Note too that the contract has recently cleared its 50-day EMA on the continuation chart. The focus is on 127.65 next, a Fibonacci retracement. Key near-term resistance has been defined at 128.77, Sep 3 high.

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