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(H1) Near-Term Conditions Remain Positive

GILT TECHS
  • RES 4: 134.49 0.764 proj of the Nov 16 - 23 rally from Nov 25 low
  • RES 3: 134.36 0.618 proj of the Nov 16 - 23 rally from Nov 25 low
  • RES 2: 134.33 High NOv 23 and near-term bull trigger
  • RES 1: 134.28 High Nov 25
  • PRICE: 134.17 @ Close Nov 25
  • SUP 1: 133.81 Low Nov 25
  • SUP 2: 133.76 Low Nov 17
  • SUP 3: 133.57 1.618 proj of Oct 16 - 23 sell-off from Nov 5 high (cont)
  • SUP 4: 135.55 61.8% retracement of the Mar - May rally (cont)

Gilt futures have defined a near-term resistance at 134.33, high Nov 23. With support established at yesterday's low, further near-term corrective gains are likely. A break of 134.33 would pave the way for a climb towards 134.49 and 134.70 further out. Both are Fibonacci projections based on the recent Nov 16 / 23 / 25 price swing. On the downside, weakness below 133.81, Nov 25 low would expose 133.44, Nov 16 low.

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