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(Z3) Remains Below Last Week’s High

GILT TECHS
  • RES 4: 97.57 High Jul 24(cont)
  • RES 3: 97.00 Round number resistance
  • RES 2: 96.66 0.764 proj of the Aug 17 - Sep 1 - Sep 6 price swing
  • RES 1: 96.08/96.49 High Sep 15 / 14 and a key resistance
  • PRICE: 95.45 @ Close Sep 19
  • SUP 1: 94.64 Low Sep 18
  • SUP 2: 94.05 Low Sep 11
  • SUP 3: 93.36 Low Sep 6 and a key support
  • SUP 4: 93.00 Round number support

Gilt futures have reversed lower from their recent highs and the pullback threatens the latest bullish theme. An extension lower would signal scope for a move towards 93.36, the Sep 6 low low and a key support. Clearance of this level would suggest scope for a deeper retracement. For bulls, a strong resumption of gains would refocus attention on key short-term resistance at 96.49, the Sep 14 high. A break would reinstate a bullish theme.

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