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(H2) Southbound

  • RES 4: 123.71 High Jan 24, 50-day EMA and a key resistance
  • RES 3: 123.23 High Jan 26
  • RES 2: 122.55/56 20-day EMA / High Feb 2
  • RES 1: 121.59 High Feb 4
  • PRICE: 120.95 @ Close Feb 7
  • SUP 1: 120.43 1.764 proj of the Jan 13 - 19 - 24 price swing
  • SUP 2: 120.00 Psychological round number
  • SUP 3: 119.55 2.236 proj of the Jan 13 - 19 - 24 price swing
  • SUP 4: 119.36 Low Oct 10, 2018 (cont)

Gilt futures remain soft. The recent Jan 31 break of former support at 121.93, Jan 19 low, confirmed a resumption of the downtrend. This reinforces bearish conditions and maintains the bearish price sequence of lower lows and lower highs. Moving average conditions are also in a bear mode, highlighting current sentiment. The focus is on a move to 120.43 next, a Fibonacci projection. Firm short-term resistance is seen at 122.56, Feb 2 high.

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