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(Z2) Bullish Engulfing Candle?

GILT TECHS
  • RES 4: 102.98 20-day EMA
  • RES 3: 100.00/102.45 Round number resistance / High Sep 23
  • RES 2: 98.68 Low Sep 23 and gap high on the daily chart
  • RES 1: 97.43 High Sep 27
  • PRICE: 96.53 @ Close Sep 29
  • SUP 1: 90.99 Low Sep 28 and the bear trigger
  • SUP 2: 90.57 2.618 proj of the May 12 - Jun 16 - Aug 2 swing (cont)
  • SUP 3: 90.00 Psychological round number
  • SUP 4: 88.94 2.764 proj of the May 12 - Jun 16 - Aug 2 swing (cont)

A strong rally Wednesday in Gilt futures led to a short-term reversal. In pattern terms, Wednesday session is a bullish engulfing candle. However, additional reinforcing price evidence is required to validate this signal and confirm a short-term shift in market sentiment. An extension higher would be positive and signal potential for a climb towards the 100.00 handle initially. Key support and the bear trigger has been defined at 90.99, the Sep 28 low.

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  • RES 4: 102.98 20-day EMA
  • RES 3: 100.00/102.45 Round number resistance / High Sep 23
  • RES 2: 98.68 Low Sep 23 and gap high on the daily chart
  • RES 1: 97.43 High Sep 27
  • PRICE: 96.53 @ Close Sep 29
  • SUP 1: 90.99 Low Sep 28 and the bear trigger
  • SUP 2: 90.57 2.618 proj of the May 12 - Jun 16 - Aug 2 swing (cont)
  • SUP 3: 90.00 Psychological round number
  • SUP 4: 88.94 2.764 proj of the May 12 - Jun 16 - Aug 2 swing (cont)

A strong rally Wednesday in Gilt futures led to a short-term reversal. In pattern terms, Wednesday session is a bullish engulfing candle. However, additional reinforcing price evidence is required to validate this signal and confirm a short-term shift in market sentiment. An extension higher would be positive and signal potential for a climb towards the 100.00 handle initially. Key support and the bear trigger has been defined at 90.99, the Sep 28 low.