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(Z2) Trend Needle Still Points North

GILT TECHS
  • RES 4: 106.84 High Sep 8
  • RES 3: 106.25 High Sep 12
  • RES 2: 105.34 High Sep 22 and a key resistance
  • RES 1: 104.39 High Oct 27 and the bull trigger
  • PRICE: 103.11 @ Close Nov 2
  • SUP 1: 100.38 Low Oct 25
  • SUP 2: 100.21/98.15 20-day EMA / Low Oct 24
  • SUP 3: 95.82 Low Oct 21 and key near-term support
  • SUP 4: 94.82/92.66 Low Oct 17 / 14

Gilt futures maintain a bullish theme and the contract is trading closer to its recent highs. Price has cleared the 20-day EMA and the continuation higher last week resulted in a break of key resistance at 100.92, the Oct 4 high. The breach strengthens bullish conditions and opens 105.34 next, the Sep 23 high. Key support has been defined at 95.82, the Oct 21 low. A break of this level would be bearish.

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