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Free Access(Z2) Impulsive Bearish Wave Extends
- RES 4: 103.60 20-day EMA
- RES 3: 102.45 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: 96.16 @ Close Sep 26
- SUP 1: 91.47 76.4% retracement of the 1990 - 2020 major bull cycle
- SUP 2: 91.00 Round number support
- SUP 3: 90.57 2.618 proj of the May 12 - Jun 16 - Aug 2 price swing
- SUP 4: 90.00 Psychological round number
Gilt futures traded sharply lower once again yesterday as the impulsive wave of the current bear cycle extends. The contract is approaching an important chart point at 91.47. This marks the 76.4% retracement of the 1990 - 2020 major bull leg. A break would reinforce current bearish conditions and highlight, once again, the potential for an extension lower. Initial resistance is at Tuesday’s high of 97.43.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.