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(M1) Remains Vulnerable

  • RES 4: 129.75 High Feb 19
  • RES 3: 129.27 High Mar 2 and the reversal trigger
  • RES 2: 128.93 High Mar 25
  • RES 1: 128.25 20-day EMA
  • PRICE: 128.07 @ Close Apr 1
  • SUP 1: 127.32 Low Apr 1
  • SUP 2: 126.79 Low Mar 18 and the bear trigger
  • SUP 3: 126.55 Low Apr 17, 2019 (cont)
  • SUP 4: 126.00 Round number support

Despite Thursday's gains, Gilt futures maintain a softer tone. This follows the recent pullback from the Mar 25 high and attention remains on key support at 126.79, Mar 18 low. From a trend perspective, the primary direction is down - the trigger for a resumption of the trend is 126.79. On the upside, initial firm resistance has been defined at 128.93, Mar 25 high. A break would expose the key hurdle for bulls at 129.27, Mar 2 high.

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