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(M1) Fresh Trend Low

GILT TECHS
  • RES 4: 130.46 High Feb 16
  • RES 3: 129.75 High Feb 19
  • RES 2: 129.27 High Mar 2 and the key resistance
  • RES 1: 128.20 High Mar 12
  • PRICE: 128.01 @ Close Mar 15
  • SUP 1: 127.31 Low Mar 15
  • SUP 2: 127.00 Round number support
  • SUP 3: 126.85 Low May 3, 2019 (cont)
  • SUP 4: 126.55 Low Apr 17, 2019 (cont)

Gilt futures traded lower yesterday and breached key support at 127.55, Feb 26 low. The break lower confirms a resumption of the underlying downtrend that has been in place since early August last year as the bearish price sequence of lower lows and lower highs extends. The focus is on a move to 127.00 next and 126.85 further out, May 3, 2019 low (cont). On the upside, key resistance remains 129.27, Mar 2 high. A break would signal a reversal.

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