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(Z3) Holding On To Its Recent Gains

GILT TECHS
  • RES 4: 96.37 High Sep 22
  • RES 3: 96.05 High Sep 25
  • RES 2: 95.66 High Oct 12 and a key resistance
  • RES 1: 95.08 High Nov 2
  • PRICE: 94.40 @ Close Nov 2
  • SUP 1: 93.16/92.63 20-day EMA / Low Nov 1
  • SUP 2: 91.62/90.85 Low Oct 26 / 23
  • SUP 3: 90.38 Low Oct 12 2022 (cont) and a major support
  • SUP 4: 90.00 Psychological round number

Gilt futures traded higher Thursday as the recovery from the Oct 23 low extends. The contract has traded through 93.82, 61.8% of the Oct 12 - 23 bear leg and breached 94.52, the 76.4% retracement point. A continuation higher would signal scope for a possible test of resistance at 95.66, the Oct 12 high. On the downside, initial firm support to watch is 92.63, the Nov 1 low. A break would be seen as a bearish development.

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