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(Z2) Bearish Extension

GILT TECHS
  • RES 4: 107.93 High Sep 1
  • RES 3: 106.73 20-day EMA
  • RES 2: 106.84 High Sep 8 and a key near-term resistance
  • RES 1: 105.34/77 Intraday high / High Sep 15
  • PRICE: 102.50 @ 14:08 BST Sep 22
  • SUP 1: 102.13 2.50 projection of the Aug 22 - 24 - 26 price swing
  • SUP 2: 101.71 2.618projection of the Aug 22 - 24 - 26 price swing
  • SUP 3: 100.78 Low Feb 1995 (cont)
  • SUP 4: 100.00 Psychological round number

Gilt futures have traded lower and delivered a fresh cycle low once again today. The break lower maintains the bearish price sequence of lower lows and lower highs. Note too that corrections are proving to be short-lived and shallow - this clearly highlights the current bearish market sentiment. The focus is on 102.13, a Fibonacci projection. Initial firm resistance is today’s high of 105.34.

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  • RES 4: 107.93 High Sep 1
  • RES 3: 106.73 20-day EMA
  • RES 2: 106.84 High Sep 8 and a key near-term resistance
  • RES 1: 105.34/77 Intraday high / High Sep 15
  • PRICE: 102.50 @ 14:08 BST Sep 22
  • SUP 1: 102.13 2.50 projection of the Aug 22 - 24 - 26 price swing
  • SUP 2: 101.71 2.618projection of the Aug 22 - 24 - 26 price swing
  • SUP 3: 100.78 Low Feb 1995 (cont)
  • SUP 4: 100.00 Psychological round number

Gilt futures have traded lower and delivered a fresh cycle low once again today. The break lower maintains the bearish price sequence of lower lows and lower highs. Note too that corrections are proving to be short-lived and shallow - this clearly highlights the current bearish market sentiment. The focus is on 102.13, a Fibonacci projection. Initial firm resistance is today’s high of 105.34.