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(H2) Outlook Remain Bullish

GILT TECHS
  • RES 4: 129.00 76.4% retracement of the Aug - Oct downleg (cont)
  • RES 3: 128.18 High Sep 10 / 14 (cont)
  • RES 2: 127.94/128.00 61.8% of Aug - Oct move (cont) / High Aug 31
  • RES 1: 127.47/67 High Dec 20 / High Dec 8
  • PRICE: 126.82 @ Close Dec 20
  • SUP 1: 126.34 Low Dec 16
  • SUP 2: 125.44 Low Nov 26 and gap high
  • SUP 3: 124.94 High Nov 25 and gap low
  • SUP 4: 124.48 Low Nov 25

Gilt futures traded sharply lower Dec 16, down to 126.34 before finding support. The move lower resulted in a print below the 20-day EMA currently at 126.61. A clear break of this EMA would signal potential for a deeper sell-off below the 126.00 handle. On the upside the recent high of 127.67 on Dec 8 marks the bull trigger. The trend remains up and a break of this hurdle would confirm a resumption of the uptrend.

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