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(H3) Retracement Extends

  • RES 4: 109.47 High Aug 31 (cont)
  • RES 3: 108.00 Round number resistance
  • RES 2: 107.06 High Nov 24 and the bull trigger
  • RES 1: 105.51/106.95 High Dec 13 / 2
  • PRICE: 104.61 @ Close Dec 13
  • SUP 1: 104.20 Low Dec 13
  • SUP 2: 103.54 Low Nov 21 and key near-term support
  • SUP 3: 103.00 Round number support
  • SUP 4: 102.77 Low Nov 10 (cont)

Gilt futures traded lower again Tuesday to extend the pullback from last week’s highs. The break of support at 104.79, Nov 30 low, exposes a firmer support at 103.54, the Nov 21 low. Clearance of this level would strengthen a bearish threat and signal scope for a deeper pullback. This would open 103.00. On the upside, the bull trigger is unchanged at 107.06, the Nov 24 high. A break would resume the uptrend.

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