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(H2) Bearish Trend Conditions Intact

GILT TECHS
  • RES 4: 125.18 High Dec 31
  • RES 3: 124.29 20-day EMA
  • RES 2: 124.17 Low Nov 24 and recent breakout level
  • RES 1: 123.79 High Jan 13
  • PRICE: 123.36 @ Close Jan 14
  • SUP 1: 123.10/122.78 Low Jan 12 / Low Jan 10 and the bear trigger
  • SUP 2: 122.66 3.618 proj of the Dec 8 - 16 - 20 price swing
  • SUP 3: 122.46 3.764 proj of the Dec 8 - 16 - 20 price swing
  • SUP 4: 121.10 3.0% Lower Bollinger Band

Recent gains in Gilt futures are considered corrective and a downtrend remains intact. The bearish theme follows the recent break of support at 124.35, Dec 29 low and 124.17, Nov 24 low and the contract maintains a bearish price sequence of lower lows and lower highs. Furthermore, the moving average set-up remains in a bear mode. The focus is on 122.66 next, a Fibonacci projection. Firm resistance is seen at 124.29, the 20-day EMA.

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