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(H3) Bear Leg Extends

GILT TECHS
  • RES 4: 106.95 High Dec 2
  • RES 3: 106.18 High Dec 12
  • RES 2: 105.29 High Dec 15 and a key short-term resistance
  • RES 1: 103.67/104.31 High Dec 19 / 16
  • PRICE: 102.45 @ Close Dec 19
  • SUP 1: 102.00 Round number support
  • SUP 2: 101.84 38.2% of the Oct 12 - Nov 24 bull leg (cont)
  • SUP 3: 100.72 Low Oct 24 (cont)
  • SUP 4: 100.00 Psychological round number

Gilt futures started the week on a softer note, extending the current bearish leg. The move lower Monday resulted in a clear break of support at 103.54, the Nov 21 low. This has strengthened a bearish threat and signals scope for a deeper pullback - towards 102.00 next and 101.84. The latter is a Fibonacci retracement point on the daily chart. Initial firm resistance is seen at 105.29, the Dec 15 high.

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