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GILT TECHS: (Z3) Bull Cycle Remains In Play

GILT TECHS
  • RES 4: 99.73 Low Apr 19 (cont)
  • RES 3: 99.26 50.0% of the Mar 20 - Oct 23 downleg (cont)
  • RES 2: 98.98 High May 22 (cont)
  • RES 1: 97.99 Intraday high
  • PRICE: 97.62 @ Close Nov 17
  • SUP 1: 95.93 Low Nov 15
  • SUP 2: 94.58/94.19 Low Nov 13 and a key support / 50-day EMA
  • SUP 3: 92.63 Low Nov 1
  • SUP 4: 91.62/90.85 Low Oct 26 / 23

Gilt futures maintain a firmer tone and this week’s gains reinforce current bullish conditions. The contract is trading higher again today. Resistance at 96.71, the Sep 20 high, has been breached. This paves the way for a climb towards 98.98 next, the May 22 high on the continuation chart, and potentially 99.26, a Fibonacci retracement. On the downside, key short-term support has been defined at 94.58, the Nov 13 low.

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