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(H4) Corrective Pullback

  • RES 4: 99.80 1.382 proj of the Nov 24 - 29 - 30 price swing
  • RES 3: 99.41 1.236 proj of the Nov 24 - 29 - 30 price swing
  • RES 2: 99.00 Round number resistance
  • RES 1: 98.97 High Dec 6 and the bull trigger
  • PRICE: 97.52 @ Close Dec 11
  • SUP 1: 97.02/96.10 20-day EMA / Low Nov 30
  • SUP 2: 95.25 Low Nov 24 and key support
  • SUP 3: 95.00 Round number support
  • SUP 4: 94.74 2.618 proj of the Nov 17 - 20 - 22 price swing

The latest pullback in Gilt futures appears to be a correction. Recent gains resulted in a break of resistance at 98.05, the Nov 17 high, reinforcing bullish conditions and confirming a resumption of the current uptrend. The break higher paves the way for a climb towards 99.41, a Fibonacci projection. On the downside, initial firm support lies at 96.10, the Nov 30 low. Key short-term trend support has been defined at 95.25, the Nov 24 low.

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