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(H1) Downtrend Still Accelerating

GILT TECHS
  • 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: 132.75 Intraday high
  • PRICE: 132.20 @ 13:32 GMT Feb 5
  • SUP 1: 132.00 2.00 proj of Dec 11 - 24 sell-off from Jan 4 high
  • 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: 131.00

Gilt futures have sold off sharply again today clearing yesterday's low of 132.43. The break lower exposes 132.00 next, 2.00 projection of the Dec 11 - 24 sell-off from the Jan 4 high. This week's sell-off has confirmed a resumption of the underlying downtrend that started early August last year. A break of 132.00 would open 131.53. On the upside, initial resistance is at today's intraday high of 132.75.

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