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(H4) Bears Remain In The Driver’s Seat

  • RES 4: 100.81 High Jan 5
  • RES 3: 100.62 High Feb 1 and key resistance
  • RES 2: 100.20 High Feb 2
  • RES 1: 98.71 50-day EMA
  • PRICE: 97.74 @ 08:25 GMT Feb 21
  • SUP 1: 96.81 Low Feb 13 and the bear trigger
  • SUP 2: 96.67 Low Dec 5
  • SUP 3: 96.10 Low Nov 30
  • SUP 4: 95.56 Low Nov 27

A bear threat in Gilt futures remains present and last Tuesday’s move lower confirmed a resumption of the current bear cycle. Key support at 97.57, the Jan 25 low, has been cleared. The break confirms a resumption of the downtrend and opens 96.67, the Dec 5 low. On the upside, initial firm resistance is seen at 98.71, the 20-day EMA. Key resistance and the reversal trigger is at 100.62, the Feb 1 high.

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