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(H4) Bearish Outlook

GILT TECHS
  • RES 4: 101.98 High Jan 3
  • RES 3: 100.81 High Jan 5
  • RES 2: 99.83 20-day EMA
  • RES 1: 99.71 Low Jan 16 and gap high on the daily chart
  • PRICE: 98.39 @ Close Jan 24
  • SUP 1: 98.00 Low Jan 17
  • SUP 2: 97.39 Low Dec 11 and a key support
  • SUP 3: 96.67 Low Dec 5
  • SUP 4: 96.10 Low Nov 30

The trend needle in Gilt futures continues to point south. The contract last week cleared support at 99.60, the Jan 5 low. This reinforced a bearish theme and confirmed a resumption of the downtrend that started Dec 27. The contract has also traded through 97.97, Dec 6 high, signalling scope for an extension towards 97.39, the Dec 11 low. Firm resistance to watch is 99.83, the 20-day EMA. A clear break of the average would ease bearish pressure.

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