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(H1) Eyeing Key Resistance

GILT TECHS
  • RES 4: 137.06 1.236 proj of the Dec 2 - 11 rally from the Dec 24 low
  • RES 3: 137.00 Round number resistance
  • RES 2: 136.48 1.00 proj of the Dec 2 - 11 rally from the Dec 24 low
  • RES 1: 135.96/99 High Jan 4 / High Dec 11 and the bull trigger
  • PRICE: 135.60 @ Close Jan 4
  • SUP 1: 134.89 Low Dec 30
  • SUP 2: 134.01 Low Dec 24 and key support
  • SUP 3: 133.63 Low Dec 4
  • SUP 4: 133.52 Low Dec 2

Gilt futures started the year on a firm note trading to a high just short of key resistance at 135.99, Dec 11 high. The continued move higher has negated the bearish implications of the sharp sell-off on Dec 23. Clearance of 135.99 would strengthen a bullish outlook and open 136.48, a Fibonacci projection. On the downside, initial support is at 134.89 ahead of the key 134.01 level, Dec 24 low.

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