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(Z3) Breaches Key Support

GILT TECHS
  • RES 4: 96.05 High Sep 25
  • RES 3: 95.66 High Oct 12 and the bull trigger
  • RES 2: 93.35/94.28 20-day EMA / High Oct 16
  • RES 1: 92.98 High Oct 18
  • PRICE: 91.78 @ Close Oct 20
  • SUP 1: 91.18 Low Oct 20
  • SUP 2: 90.38 Low Oct 12 2022 (cont) and a major support
  • SUP 3: 90.00 Psychological round number
  • SUP 4: 89.22 1.236 proj of the Sep 20 - Oct 4 - Oct 12 price swing

Gilt futures traded lower last week and the contract maintains a bearish theme. Price has traded through key support at 91.47, the Aug 17 low. This confirms a resumption of the downtrend and paves the way for a move towards 90.38, the Oct 12 2022 low (cont) and a major support. Initial firm resistance is at 93.35, the 20-day EMA. Short-term gains would be considered corrective.

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