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(Z3) Bull Cycle Extends

  • RES 4: 97.27 76.4% retrace of the Jul 19 - Aug 17 bear leg (cont)
  • RES 3: 96.19 High Jul 31(cont)
  • RES 2: 95.82 High Aug 10 (cont)
  • RES 1: 95.68 High Aug 31
  • PRICE: 95.57 @ Close Aug 31
  • SUP 1: 94.14 Low Aug 29
  • SUP 2: 93.00 Round number support
  • SUP 3: 92.56 Low Aug 23
  • SUP 4: 91.47 Low Aug 17 and the bear trigger

Gilt futures traded higher Thursday and cleared resistance at 95.11, the Aug 24 high. This strengthens the current bull cycle and signals scope for a stronger corrective phase. The break opens 95.82, the Aug 10 high (cont). On the downside, initial support lies at 94.14, the Aug 29 low. A break would signal a possible reversal. The key support and bear trigger lies at 91.47, the Aug 17 low.

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