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(H4) Sharp Sell-Off

GILT TECHS
  • RES 4: 101.51 61.8% retracement of the Dec 27 - Jan 25 bear leg
  • RES 3: 101.98 High Jan 3
  • RES 2: 100.76 50.0% retracement of the Dec 27 - Jan 25 bear leg
  • RES 1: 99.29/100.62 20-day EMA / High Feb 1 and key resistance
  • PRICE: 97.75 @ Close Feb 5
  • SUP 1: 97.57 Low Jan 25 and the bear trigger
  • 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

Gilt futures traded sharply lower Friday and again yesterday, highlighting a clear bearish threat. The move lower has defined a key short-term resistance at 100.62, the Feb 1 high. A break of this level is required to reinstate the recent bullish theme and would open 100.76, 50.0% of the Dec 27 - Jan 25 bear leg. Key support and the bear trigger lies at 97.57, the Jan 25 low. A break of this support would confirm a resumption of the downtrend.

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