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(H0) Underlying Outlook Remains..........>

GILT TECHS: (H0) Underlying Outlook Remains Bearish
*RES 4: 133.59 High Nov 26 and key resistance
*RES 3: 133.35 High Dec 2
*RES 2: 132.42 High Dec 12 and intraday key resistance
*RES 1: 132.27 High Dec 18
*PRICE: 131.74 @ Close Dec 18
*SUP 1: 131.13 Low Dec 16
*SUP 2: 130.45 Low Dec 13
*SUP 3: 130.39 1.764 projection of Nov 26 - Dec 3 decline from Dec 4 high
*SUP 4: 129.60 2.236 projection of Nov 26 - Dec 3 decline from Dec 4 high
H0 Gilt outlook remains unchanged. Whether the rally on Dec 13 is the start of a
bullish theme is still too early to tell. The initial sell-off on Dec 13 saw
price register a fresh low of 130.45 confirming a resumption of the downtrend
that has been in place since September. With bearish conditions holding, scope
is seen for weakness towards 130.39 and the psychological 130.00 level next.
Clearance of 132.42, Dec 12 high is required to alter the picture.

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