Gilts: Unexpected Spike Higher
Jason Sen | Feb 06, 2014 02:43AM ET
Gilts unexpectedly spiked higher, to beat the 6 month trend line and Fibonacci resistance at 110.85/90. We topped at 111.09 but quickly fell back to leave a negative candle and a good indication that we should now hit profit taking. Below 110.60 is negative and targets support at 110.31. If this does not hold the downside look for 110.08/06 before good support at 109.90/85 which should hold the downside at this stage. However a break below 109.68 keeps the market under pressure for 109.52/49.
Immediate resistance at 110.60/65 but above here sees 110.81. If we continue higher a retest of 111.05/09 offers a selling opportunity with stops above 111.18.
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