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(H4) Downtrend Remains Intact

GILT TECHS
  • 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: 98.48 50-day EMA
  • PRICE: 97.95 @ Close Feb 23
  • 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 the contract continues to trade closer to its recent lows. Key support at 97.57, the Jan 25 low, has recently been cleared. The break confirmed a resumption of the downtrend and opens 96.67, the Dec 5 low. On the upside, initial firm resistance is seen at 98.48, the 50-day EMA. Key resistance and the reversal trigger is at 100.62, the Feb 1 high.

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