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(H1) Bearish Risk Still Present

GILT TECHS
  • RES 4: 135.16 High Jan 6
  • RES 3: 134.96 High Jan 7
  • RES 2: 134.66/70 20- and 50-day EMAs
  • RES 1: 134.32 High Jan 13
  • PRICE: 134.21 @ Close Jan 13
  • SUP 1: 133.55 Low Jan 11 and the bear trigger
  • SUP 2: 133.52 Low Dec 2 and a key support
  • SUP 3: 133.22 1.382 proj of Dec 11 - 24 decline from Jan 4 high
  • SUP 4: 132.99 1.500 proj of Dec 11 - 24 decline from Jan 4 high

Gilt futures have recovered off recent lows. The outlook however remains bearish. This follows recent selling pressure that has seen the contract clear support at 134.01 this week, Dec 24 low. This reinforces a bearish theme and paves the way for a move towards 133.52 next, Dec 2 low. On the upside, initial resistance is at 134.32, yesterday's high. A break above 134.66/70, the 20- and 50-day EMAs is required to alter the picture.

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