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(Z3) Resistance Remains Exposed

GILT TECHS
  • RES 4: 96.71 High Sep 20 and a key resistance
  • RES 3: 96.37 High Sep 22
  • RES 2: 96.05 High Sep 25
  • RES 1: 95.66 High Oct 12 and a key resistance
  • PRICE: 94.58 @ Close Nov 6
  • SUP 1: 93.82 50-day EMA
  • SUP 2: 93.48/92.63 20-day EMA / 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 traded higher last week as the recovery from the Oct 23 low extends. The contract has cleared 93.82, 61.8% of the Oct 12 - 23 bear leg and 94.52, the 76.4% retracement point. The continuation higher signals scope for a test of resistance at 95.66, the Oct 12 high. A break of this hurdle would strengthen a bullish case. Initial firm support to watch is 92.63, the Nov 1 low. A break would be a bearish development.

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