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(H2) Uptrend Remains Intact

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: 12767 High Dec 8
  • PRICE: 126.87 @ Close Dec 8
  • SUP 1: 126.32 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 traded higher yesterday but found resistance at the session high of 127.67. The move higher maintains the bullish price sequence of higher highs and higher lows, reinforcing the current uptrend. The focus is on a climb towards the 128.00 handle next. Short-term dips would be considered corrective with initial support seen at 126.32, the Dec 2 low. Also watch support at 125.44, the Nov 26 low and a gap high on the daily chart.

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