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(M1) Bearish Still In Charge

GILT TECHS
  • RES 4: 130.46 High Feb 16
  • RES 3: 129.75 High Feb 19
  • RES 2: 129.00 High Feb 24 and key near-term resistance
  • RES 1: 128.63 High Feb 26
  • PRICE: 128.37 @ Close Mar 1
  • SUP 1: 127.55 Low Feb 26
  • SUP 2: 127.37 61.8% retrace of the 2018 - 2020 bullish cycle (cont)
  • SUP 3: 127.00 Round number support
  • SUP 4: 126.85 Low May 3, 2019 (cont)

Gilt futures bears remain in control as price maintains a bearish sequence of lower lows and lowers highs. The contract has been in oversold territory since early Feb and although this still has not had an impact on bearish sentiment, the risk of a potentially sharp corrective bounce remains present. Until then further weakness is likely and would open 127.37, a major Fibonacci retracement. Initial resistance is at 129.00, Feb 24 high.

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