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(H1) Bounce Considered Corrective

GILT TECHS
  • RES 4: 133.55 Low Dec 1 and a recent breakout level
  • RES 3: 132.67 High Feb 11
  • RES 2: 131.73 Low Feb 8 and today's breakout level
  • RES 1: 131.49 HIgh Feb 16
  • PRICE: 131.31 @ Close Feb 17
  • SUP 1: 130.57 Low Feb 17
  • SUP 2: 130.49 2.764 proj of the Dec 11 - 24 sell-off from Jan 4 high
  • SUP 3: 130.18 Low Mar 19, 2020 (cont)
  • SUP 4: 130.00 Psychological round number

Gilt futures found support yesterday retracing some of this week's bear leg. Gains are considered corrective though with a bearish cycle still dominating. The move this week to fresh lows reinforces the bearish theme and confirms a resumption of the underlying downtrend that started early August last year. With further downside likely near-term, the focus is on 130.49 next, a Fibonacci projection. Initial resistance is at 131.49, Feb 16 high.

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