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(M18) Decline Heads Toward Decent........>
GILT TECHS: (M18) Decline Heads Toward Decent 120.72-120.42 Support
*RES 4: 122.00 Apr 20 high
*RES 3: 121.66 Hourly recovery high Apr 20
*RES 2: 121.42/48 Apr 24 high, Apr 17 low
*RES 1: 121.27 Hourly resistance
*PRICE: 120.85 @0755GMT
*SUP 1: 120.72 61.8% Fibo of 119.29-123.03
*SUP 2: 120.64/69 1.618 swing of 121.48-122.84, Mar 21 low
*SUP 3: 120.42 1% volatility band
*SUP 4: 120.17 76.4% Fibo of 119.29-123.03
*COMMENTARY* With the failure to mount a challenge to initial 121.27 resistance,
today's open has again seen pressure resume towards the 61.8% Fibo retrace level
at 120.72. This at the top edge of what looks a decent band of support above the
lower 1% volatility band, at 120.42 by time today. Resistance for the time being
remains from 121.21-121.27, needing above the latter to generate further upside
interest and a run at 121.42-121.48 next. A break of the latter is key.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.