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(Z2) Key Support Pierced

GILT TECHS
  • RES 4: 105.34 High Sep 22
  • RES 3: 102.45 High Sep 23
  • RES 2: 100.92 High Oct 4 and a key resistance
  • RES 1: 95.79/97.98 High Oct 7 / 20-day EMA
  • PRICE: 91.97 @ Close Oct 12
  • SUP 1: 90.99/90.38 Low Sep 28 and the bear trigger / Low Oct 12
  • SUP 2: 90.00 Psychological round number
  • SUP 3: 88.94 2.764 proj of the May 12 - Jun 16 - Aug 2 swing (cont)
  • SUP 4: 86.30 3.00 proj of the May 12 - Jun 16 - Aug 2 swing (cont)

Gilt futures yesterday pierced 90.99, the Sep 28 low. The recent reversal from 100.92, Oct 4 high means the 20-day EMA capped gains last week and this average remains a key short-term resistance. The EMA intersects at 97.98. This week’s extension reinforces bearish conditions. A clear break of 90.99 would open 90.00. On the upside, 97.98 to 100.92, is the key resistance zone.

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