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(H1) Focus Is On Key Resistance

GILT TECHS
  • RES 4: 137.00 Round number resistance
  • RES 3: 136.61 1.00 proj of the Dec 2 - 11 rally from the Dec 16 low
  • RES 2: 136.03 0.764 proj of the Dec 2 - 11 rally from the Dec 16 low
  • RES 1: 135.86/99 High Dec 21 / High Dec 14 and the bull trigger
  • PRICE: 134.41 @ Close Dec 21
  • SUP 1: 135.30, Low Dec 21 and a gap high on the chart
  • SUP 2: 135.08 High Dec 18 and gap low
  • SUP 3: 134.36 Low Dec 17
  • SUP 4: 134.14/10 Low Dec 16 / 76.4% of the Dec 2 - 11 rally

Gilt futures remain volatile, gapped at yesterday's open and traded sharply higher before finding resistance at 135.86. Yesterday's climb has reversed the recent bear leg between Dec 11 - 16 and attention is on key resistance at 135.99, Dec 14 high. A break would confirm a resumption of the uptrend that has dominated since mid-Nov. This would open 136.03 and 136.61, both Fibonacci projections. Initial support is at 135.30, yesterday's low.

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