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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: 134.60/78 High Feb 10 / 61.8% of the Jan 30 - Feb 6 decline
*PRICE: 133.76 @ Close Feb 12
*SUP 1: 133.57 Low Feb 6 and key support
*SUP 2: 133.55 Low Jan 23 and 24
*SUP 3: 133.33 50-day EMA
*SUP 4: 133.04 Low Jan 21
H0 Gilt traded lower yesterday. Last week, futures breached 134.40, the Jan 30
low signalling the start of a retracement of gains seen in January. From a
technical perspective, the move lower also reflects an unwinding of the recent
overbought condition. The focus is on further downside near-term with attention
on 133.55, Jan 23/24 low where a break would open 133.34, support highlighted by
the 50-day EMA and potentially 133.04. Initial resistance is 134.60.

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