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(Z2) Fresh Trend Low

GILT TECHS
  • RES 4: 112.43 High Aug 22
  • RES 3: 111.54 High Aug 23
  • RES 2: 109.47/110.85 High Aug 31 / 26 and key near-term resistance
  • RES 1: 106..88/107.93 High Sep 6 / High Sep 1
  • PRICE: 105.73 @ Close Sep 6
  • SUP 1: 104.77 Low Sep 6
  • SUP 2: 104.69 1.764 projection of the Aug 22 - 24 - 26 price swing
  • SUP 3: 104.00 Round number support
  • SUP 4: 103.87 2.00 projection of the Aug 22 - 24 - 26 price swing

Gilt futures remain vulnerable and the bearish impulsive run that started early August remains intact as price trades to fresh trend lows. The breach last week of support at 108.94, Aug 24 low, confirmed a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Attention is on 104.69 next, a Fibonacci projection. Initial firm resistance is at 107.93, the Sep 1 high.

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