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GILT TECHS: (Z4) Correction Extends

GILT TECHS
Fixed Income Technical AnalysisCEEMEABulletUKGlobalFixed Income BulletsRegionMarkets
  • RES 4: 102.00 Round number resistance
  • RES 3: 101.78 1.00 proj of the Sep 2 - 6 - 9 price swing 
  • RES 2: 101.06/101.54 High Sep 18 / 17  
  • RES 1: 100.39 High Sep 19        
  • PRICE: 99.46 @ Close Sep 20
  • SUP 1: 99.45 Low Sep 20           
  • SUP 2: 99.29 Low Sep 9 and a key support    
  • SUP 3: 98.92 76.4% retracement of the Sep 2 - 17 bull leg
  • SUP 4: 98.11 Low Sep 2  

A bull cycle in Gilt futures is still in play, however, the pullback from last Tuesday’s peak highlights a correction. The bearish extension is allowing an overbought condition to unwind. Support at 99.95, the 20-day EMA, has been pierced. The clear break of this average signals scope for a deeper retracement and exposes 99.29, the Sep 10 low. A reversal higher would refocus sights on 101.54, Sep 17 high.

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  • RES 4: 102.00 Round number resistance
  • RES 3: 101.78 1.00 proj of the Sep 2 - 6 - 9 price swing 
  • RES 2: 101.06/101.54 High Sep 18 / 17  
  • RES 1: 100.39 High Sep 19        
  • PRICE: 99.46 @ Close Sep 20
  • SUP 1: 99.45 Low Sep 20           
  • SUP 2: 99.29 Low Sep 9 and a key support    
  • SUP 3: 98.92 76.4% retracement of the Sep 2 - 17 bull leg
  • SUP 4: 98.11 Low Sep 2  

A bull cycle in Gilt futures is still in play, however, the pullback from last Tuesday’s peak highlights a correction. The bearish extension is allowing an overbought condition to unwind. Support at 99.95, the 20-day EMA, has been pierced. The clear break of this average signals scope for a deeper retracement and exposes 99.29, the Sep 10 low. A reversal higher would refocus sights on 101.54, Sep 17 high.