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(Z9) Downtrend defined *RES 4: 135.90....>

GILT TECHS: (Z9) Downtrend defined
*RES 4: 135.90 Contract high Sep 4
*RES 3: 134.79 High Sep 9
*RES 2: 134.12 High Sep 6
*RES 1: 133.19 High Sep 10
*PRICE: 132.50 @ Close Sep 11
*SUP 1: 132.40 Low Sep 10 and 50-day EMA
*SUP 2: 131.99 Low Sep 11
*SUP 3: 131.90 0.618 projection of Sep 3 - Sep 5 decline from Sep 6 high
*SUP 4: 131.00 Round number support
Z9 Gilt selling pressure dominated again yesterday however some support emerged
off the lows. The current downtrend remains intact with a price sequence of
lower lows and lower highs confirmed. Momentum studies remain bearish too,
reinforcing the current outlook. The focus is on 131.90, a Fibonacci projection
level. Prices have probed the 50-day EMA, a stronger sell-off would also open
131.00. Resistance is at 134.12, the high of Sep 6.

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