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(Z3) Bull Cycle Extends

GILT TECHS
  • RES 4: 98.98 High May 22 (cont)
  • RES 3: 97.84 High Jul 19 and a key resistance (cont)
  • RES 2: 97.57 High Jul 24 (cont)
  • RES 1: 97.00 Round number resistance
  • PRICE: 96.75 @ Close Nov 14
  • SUP 1: 94.58/94.19 Low Nov 13 and a key support / 50-day EMA
  • SUP 2: 92.63 Low Nov 1
  • SUP 3: 91.62/90.85 Low Oct 26 / 23
  • SUP 4: 90.38 Low Oct 12 2022 (cont) and a major support

Gilt futures maintain a firmer tone and yesterday’s strong rally reinforces current bullish conditions. The break higher resulted in a breach of resistance at 96.71, the Sep 20 high. This paves the way for a climb towards 97.84, the Jul 19 high on the continuation chart. Clearance of resistance would further strengthen bullish conditions. On the downside, key short-term support has been defined at 94.58, the Nov 13 low.

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