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(H1) Sharp Reversal

GILT TECHS
  • RES 4: 136.03 0.764 proj of the Dec 2 - 11 rally from the Dec 16 low
  • RES 3: 135.86/99 High Dec 21 / High Dec 14 and the bull trigger
  • RES 2: 135.69 High Dec 23
  • RES 1: 134.89 50.0% of the Dec 23 range
  • PRICE: 134.24 @ Close Dec 23
  • SUP 1: 134.08 Low Dec 23
  • SUP 2: 133.63 Low Dec 4
  • SUP 3: 133.52 Low Dec 2 and a key support
  • SUP 4: 133.30 1.382 proj of Dec 11 - 16 sell-off from Dec 21 high

Gilt futures suffered a sharp pullback yesterday reversing the entire rally between Dec 16 - 21. The break of support at 134.14 highlights a bearish risk and signals scope for weakness below 134.00 towards 133.63, Dec 4 low and 133.52, Dec 2 low. The latter is a key support. Initial resistance is 134.89. This is the 50.0% mark of yesterday's range. Key resistance resides at 135.99, Dec 11 high.

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