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(H1) Bears Return

  • RES 4: 134.10 High Feb 2
  • RES 3: 133.65 High Jan 4
  • RES 2: 133.55 Low Dec 1 and a recent breakout level
  • RES 1: 132.67 High Feb 11
  • PRICE: 131.93 @ Close Feb 15
  • SUP 1: 131.73 Low Feb 8, 12 and the bear trigger
  • SUP 2: 131.53 2.236 proj of Dec 11 - 24 sell-off from Jan 4 high
  • SUP 3: 131.24 2.382 projection of Dec 11 - 24 sell-off from Jan 4 high
  • SUP 4: 131.01 2.50 projection of Dec 11 - 24 sell-off from Jan 4 high

Last week's initial recovery in Gilt futures was a correction and bears have returned. The outlook remains bearish following the recent sharp sell-off. Importantly, the recent breach of the Nov 2020 low confirmed a resumption of the underlying downtrend that started early August last year. Further weakness is likely near-term, the focus is on 131.53 next, a Fibonacci projection. On the upside, initial resistance is at the Jan 5 high of 132.67.

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