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Fades Off Resistance


Bullish Theme, Despite Week’s Weakness

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(H0) Still Seen Likely To Retrace........>

GILT TECHS: (H0) Still Seen Likely To Retrace Lower
*RES 4: 135.78 2.382 projection of Jan 2 - Jan 6 rally from Jan 9 low
*RES 3: 135.52 High Jan 30
*RES 2: 135.11 High Feb 3
*RES 1: 134.78 61.8% retracement of the Jan 30 - Feb 6 decline
*PRICE: 134.33 @ Close Feb 11
*SUP 1: 134.00 Low Feb 7
*SUP 2: 133.57 Low Feb 6 and key support
*SUP 3: 133.55 Low Jan 23 and 24
*SUP 4: 133.33 50-day EMA
H0 Gilt gains are considered corrective. Last week, futures breached support at
134.40, the Jan 30 low signalling the start of a retracement of strong gains
seen in January. From a technical perspective, the move lower reflects an
unwinding of the recent overbought condition and despite the latest recovery,
the focus remains on 133.55, Jan 23/24 low. A break would open 133.33, support
highlighted by the 50-day EMA. Initial resistance is at 134.78.

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