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(M1) Extends Recent Gains

GILT TECHS
  • RES 4: 129.75 High Feb 19
  • RES 3: 129.09/27 High Apr 23 and the reversal trigger / High Mar 2
  • RES 2: 128.80 High May 7 and key short-term resistance
  • RES 1: 128.37 High May 25
  • PRICE: 128.31 @ Close May 25
  • SUP 1: 127.12/126.86 Low May 19 / Low May 13
  • SUP 2: 126.79 Low Mar 18 and the bear trigger
  • SUP 3: 126.55 Low Apr 17, 2019 (cont)
  • SUP 4: 126.35 1.0% 10-dma Envelope

Gilt futures outlook remains bearish and recent gains are still considered a correction. The pullback from 128.80, May 7 high reinforced bearish conditions. This resulted in a break of support between 127.40-32, Apr 29 and Apr 1 lows respectively. The major support though at 126.79, Mar 18 low remains intact. A breach would confirm a resumption of the broader downtrend. Key near-term resistance is at 128.80, May 7 high.

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