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(Z2) Remains Vulnerable


(Z2) More Stable, But Remains Fragile

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GILT TECHS: (Z9) Bearish Focus
*RES 4: 135.24 High Oct 18 and key resistance
*RES 3: 134.67 High Oct 10
*RES 2: 133.55 High Oct 11 and key near-term resistance
*RES 1: 132.93/95 High Oct 24 / High Oct 15
*PRICE: 132.19 @ Close Oct 30
*SUP 1: 131.58 Low Oct 29
*SUP 2: 130.98 Low Oct 23
*SUP 3: 130.80 Low Oct 17 and bear trigger
*SUP 4: 130.39 1.000 projection of Sep 3 - Sep 13 decline off Oct 8 high
Z9 Gilt was firmer yesterday. The focus however remains on the downside
following the recent pullback off the 132.93, Oct 24 high. The subsequent
sell-off signals scope for a move towards the key support and bear trigger at
130.80, Oct 23 low. A breach would confirm a resumption of the overall decline
that has been in place since Sep 3 and open 130.39 and 130.00. On the upside,
price action needs to get above 132.93 to reinstate a bullish tone.

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