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(Z2) Approaching The 20-Day EMA

GILT TECHS
  • RES 4: 105.34 High Sep 22
  • RES 3: 102.45 High Sep 23
  • RES 2: 101.29 20-day EMA
  • RES 1: 100.92 High Oct 4
  • PRICE: 99.40 @ Close Oct 4
  • SUP 1: 94.92 Low Sep 29
  • SUP 2: 90.99 Low Sep 28 and the bear trigger
  • SUP 3: 90.57 2.618 proj of the May 12 - Jun 16 - Aug 2 swing (cont)
  • SUP 4: 90.00 Psychological round number

Gilt futures maintain a bullish short-term tone following the strong reversal on Sep 28 - a bullish engulfing candle highlighted the shift in sentiment on this day. Recent gains have reinforced this pattern. The contract traded above 100.00 yesterday and sights are set on the 20-day EMA at 101.29. A break of this average would strengthen a short-term bullish case. Initial support is seen at 94.92, the Sep 29 low.

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