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(Z3) Bull Cycle Remains In Play

GILT TECHS
  • RES 4: 97.00 Round number resistance
  • RES 3: 96.71 High Sep 20 and a key resistance
  • RES 2: 96.37 High Sep 22
  • RES 1: 96.14 High Nov 9
  • PRICE: 95.09 @ Close Nov 10
  • SUP 1: 94.07 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 the contract traded to a fresh high last week, before pulling back. S/T weakness is considered corrective. Price recently cleared 93.82 and 94.52, the 61.8% and 76.4% retracement points of the Oct 12 - 23 bear leg. Last week’s gains resulted in a print above 95.66, the Oct 12 high. A clear break of this level would strengthen a bullish case and open 96.71, the Sep 20 high. First support is 94.07, the 50-day EMA.

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