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(H2) Holding Above Recent Lows

GILT TECHS
  • RES 4: 125.18 High Dec 31
  • RES 3: 124.39 20-day EMA
  • RES 2: 124.17 Low Nov 24 and recent breakout level
  • RES 1: 123.79 High Jan 13
  • PRICE: 123.65 @ Close Jan 13
  • SUP 1: 123.10/122.78 Low Jan 12 / Low Jan 10
  • 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

Short-term gains in Gilt futures are considered corrective and the downtrend remains intact. This follows the recent break of support at 124.35, Dec 29 low and 124.17, Nov 24 low. The move below the latter support strengthened bearish conditions. The moving average set-up remains in a bear mode, highlighting the current trend direction. The focus is on the 122.66 next, a Fibonacci projection. Firm resistance is seen at 124.39, the 20-day EMA.

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