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GILT TECHS: (M3) Key Support Cleared

GILT TECHS
  • RES 4: 102.46 High May 3 and a key resistance
  • RES 3: 101.98 High May 11
  • RES 2: 101.20 20-day EMA 101.98/102.46 High May 11 / 3
  • RES 1: 100.11 Intraday high
  • PRICE: 99.11 @ 14:23 BST May 18
  • SUP 1: 98.90 1.236 projection of the May 3 - 10 - 11 price swing
  • SUP 2: 98.54 1.382 projection of the May 3 - 10 - 11 price swing
  • SUP 3: 98.15 Low Oct 24 2022 (cont)
  • SUP 4: 97.95 1.618 projection of the May 3 - 10 - 11 price swing

Gilt futures are trading lower today and the sell-off marks an acceleration of the downtrend. The contract has cleared support at 99.73, the Apr 19 low, and 99.20, the Feb 28 low and a key support level. This confirms a resumption of the current downtrend and signals scope for weakness towards 98.90 next, a Fibonacci projection. Initial resistance is today’s intraday high of 100.11. Note that price has also traded through the late Dec 2022 lows.

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