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(Z1) Probes Support

GILT TECHS
  • RES 4: 130.72 High Aug 4 and the bull trigger (cont)
  • RES 3: 130.53 High Aug 5 (cont)
  • RES 2: 129.35 High Aug 20 and a key near-term resistance
  • RES 1: 129.09 High Aug 25
  • PRICE: 128.53 @ Close Aug 26
  • SUP 1: 128.24 Low Aug 12
  • SUP 2: 128.03 Low Jul 6 (cont)
  • SUP 3: 127.50 Low Jun 28 (cont)
  • SUP 4: 127.25 Low Jun 23 (cont)

Gilt futures traded lower again yesterday and probed initial support at 128.33, the Aug 12 low. A clear break of this support would suggest scope for a deeper pullback. This would open 128.03 (cont), the Jul 6 low. A breach of this support would strengthen a bearish case and note that it would also highlight a move below the 50-day EMA on the continuation chart. Key near-term resistance has been defined at 129.35.

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