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(H2) Price Conditions 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: 127.67 High Dec 8
  • PRICE: 127.30 @ Close Dec 15
  • SUP 1: 126.67/32 Low Dec 10 / Low Dec 2
  • 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 dipped yesterday but remain in an uptrend - the contract recovered from session lows. Recent gains maintain the bullish price sequence of higher highs and higher lows, the definition of an uptrend and sights remain on the 128.00 objective. Short-term dips would be considered corrective with initial support seen at 126.67, the Dec 10 low. Also watch support at 125.44, the Nov 26 low and a gap high on the daily chart.

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