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(H3) Trend Sequence Remains Bearish

GILT TECHS
  • RES 4: 104.35 High Dec 16
  • RES 3: 102.03/103.67 20-day EMA / High Dec 19
  • RES 2: 101.95 High Dec 20
  • RES 1: 101.66 High Jan 3
  • PRICE: 101.30 @ 08:46 GMT Jan 4
  • SUP 1: 99.18 Low Dec 28
  • SUP 2: 98.15 Low Oct 24 (cont)
  • SUP 3: 97.33 61.8% retracement of the Oct 12 - Nov 25 bull phase
  • SUP 4: 95.82 Low Oct 21 (cont)

Gilt futures trade stronger since the beginning of the year, but remain in a broader bear trend for now. The contract traded lower last week, extending the current bearish leg. Recent weakness resulted in a clear break of support at 103.54, the Nov 21 low. This strengthened the downtrend and signals scope for a deeper pullback. The psychological 100.00 handle has been breached. The focus is on 98.15, the Oct 4 low (cont). Initial firm resistance is seen at 102.25, the 20-day EMA.

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