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(Z2) Bear Cycle Extension

GILT TECHS
  • RES 4: 113.32 High Aug 18
  • RES 3: 112.43 High Aug 22
  • RES 2: 111.54 High Aug 23
  • RES 1: 109.47/110.85 High Aug 31 / 26 and key near-term resistance
  • PRICE: 106.95 @ Close Sep 1
  • SUP 1: 106.84 Low Sep 1
  • SUP 2: 106.54 1.236 projection of the Aug 22 - 24 - 26 price swing
  • SUP 3: 106.03 1.382 projection of the Aug 22 - 24 - 26 price swing
  • SUP 4: 105.62 1.50 projection of the Aug 22 - 24 - 26 price swing

Gilt futures remain vulnerable and the bearish impulsive run that started early August, continued Thursday. The breach of support on Tuesday at 108.94, the Aug 24 low, confirmed a resumption of the downtrend and yesterday’s move lower delivered a print below the 107.00 handle. Attention is on 106.54 next, a Fibonacci projection. Firm short-term resistance has been defined at 110.85, the Aug 26 high.

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