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(M1) Bearish Theme Remains Intact

GILT TECHS
  • RES 4: 129.75 High Feb 19
  • RES 3: 129.27 High Mar 2 and the reversal trigger
  • RES 2: 128.33 High Mar 16 and a key near-term resistance
  • RES 1: 127.34 High Mar 18
  • PRICE: 127.53 @ Close Mar 19
  • SUP 1: 126.79 Low Mar 18
  • SUP 2: 126.55 Low Apr 17, 2019 (cont)
  • SUP 3: 126.00 Round number support
  • SUP 4: 125.07 High Dec 10, 2018

Gilt futures maintain a bearish tone. Last week's move to fresh lows confirmed once again a resumption of the downtrend. The move lower maintains the bearish price sequence of lower lows and lower highs and with moving average studies also pointing south, further weakness is likely. The move through 127.00 opens 126.55 next, Apr 17, 2019 low (cont). On the upside, initial firm resistance has been defined at 128.33, Mar 16 high.

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