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(H1) EMAs Remain A Hurdle For Bulls

  • RES 4: 135.73 High Jan 5
  • RES 3: 135.16 High Jan 6
  • RES 2: 134.96 High Jan 7
  • RES 1: 134.47/60 20- and 50-day EMAs
  • PRICE: 134.16 @ Close Jan 22
  • SUP 1: 133.79 Low Jan 21
  • SUP 2: 133.55 Low Jan 11 and the bear trigger
  • SUP 3: 133.52 Low Dec 2 and a key support
  • SUP 4: 133.22 1.382 proj of Dec 11 - 24 decline from Jan 4 high

Gilt futures outlook is bearish and recent gains between Jan 12 - 14 are likely a short-term correction. Also, resistance at 134.47/60, the 20- and 50-day EMAs contained the recent climb and still represents a key hurdle for bulls. A bearish theme follows selling pressure between Jan 4 - 12 that saw the contract clear support at 134.01, Dec 24 low. This signals scope for a move towards 133.52, Dec 2 low. A break above the EMAs would alter the picture.

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