10-Year Gilts Break 118.76, Test 118.55 Fibonacci Support And Bottom

Published 12/05/2012, 02:38 AM
10 Year Gilt
Gilts broke 118.76 to test Fibonacci support at 118.55 and bottomed. We then broke resistance at 118.93 and closed above here as we look for 119.08/12 resistance now. This may hold today but shorts need a stop above 119.15 for a test of 119.29. Exit any longs here with shorts then needing a stop above 119.34 for 119.49, possibly as far as last week’s high at 119.60.

A move back through 118.90 could see us testing 118.83/78. A break below 118.74 targets yesterday’s lows and Fibonacci support at 118.55. Longs here need a stop below 118.50 for 118.39 then 118.27.

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