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(H1) Gaps Lower

GILT TECHS
  • RES 4: 133.65 High Jan 4
  • RES 3: 133.55 Low Dec 1 and a recent breakout level
  • RES 2: 132.67 High Feb 11
  • RES 1: 131.73 Low Feb 8 and today's breakout level
  • PRICE: 131.18 @ 09:30 GMT Feb 15
  • SUP 1: 131.20 Intraday low
  • SUP 2: 131.01 2.50 projection of Dec 11 - 24 sell-off from Jan 4 high
  • SUP 3: 130.78 2.618 projection of Dec 11 - 24 sell-off from Jan 4 high
  • SUP 4: 130.49 2.764 projection of Dec 11 - 24 sell-off from Jan 4 high

Gilt futures have started the week on a bearish note and the contract has gapped lower at the open. The move to fresh lows reinforces the bearish theme and once again confirms a resumption of the underlying downtrend that started early August last year. Further weakness is likely near-term, the focus is on 131.01 next, a Fibonacci projection. On the upside, initial resistance is at 131.73, Feb 8 low.

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