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(H2) Finds Support At Wednesday's Low

GILT TECHS
  • RES 4: 127.00 Round number resistance
  • RES 3: 126.23 High Nov 9 and the bull trigger
  • RES 2: 125.96 High Nov 22
  • RES 1: 125.20 High Nov 23
  • PRICE: 124.89@ Close Nov 25
  • SUP 1: 124.17 Low Nov 24 and the intraday bear trigger
  • SUP 2: 123.71 1.236 proj of the Nov 9 - 17 - 22 price swing
  • SUP 3: 123.23 1.50 proj of the Nov 9 - 17 - 22 price swing
  • SUP 4: 122.75 1.764 proj of the Nov 9 - 17 - 22 price swing

Gilt futures managed to find some support yesterday and remain above Wednesday's low of 124.17. This short-term support marks the trigger for a resumption of weakness that would open the October lows around 122.60. On the upside, intraday gains would be encouraging for bulls with the two key short-term hurdles at 125.96, Nov 22 high and 126.23, the Nov 9 high. A break of the latter would resume the recent bullish theme.

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