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(M1) Bears Eyeing Support

GILT TECHS
  • RES 4: 130.46 High Feb 16
  • RES 3: 130.00 Round number support
  • RES 2: 129.75 High Feb 19
  • RES 1: 129.27 High Mar 2
  • PRICE: 127.67 @ Close Mar 12
  • SUP 1: 127.55 Low Feb 26 and the bear trigger
  • SUP 2: 127.37 61.8% retrace of the 2018 - 2020 bullish cycle (cont)
  • SUP 3: 126.85 Low May 3, 2019 (cont)
  • SUP 4: 126.55 Low Apr 17, 2019 (cont)

Gilt futures traded lower Friday reinforcing bearish conditions with the primary downtrend intact. Recent price action has defined a key short-term resistance at 129.27, Mar 2 high where a break is required to signal scope for a stronger corrective recovery. Attention though is on support at 127.55, Feb 26 low and the bear trigger. A breach would resume the downtrend and open 127.37, a Fibonacci projection. Bearish!

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