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(M2) Bear Cycle Still In Play

GILT TECHS
  • RES 4: 126.81 High Mar 1 and the bull trigger
  • RES 3: 125.85 High Mar 4
  • RES 2: 124.60 High Mar 8
  • RES 1: 123.52 High Mar 9 and a key near-term resistance
  • PRICE: 121.80 @ Close Mar 17
  • SUP 1: 120.92 Low Mar 17
  • SUP 2: 120.00 Round number support
  • SUP 3: 119.75 123.6% retracement of the Feb 15 - Mar 1 climb
  • SUP 4: 118.92 138.2% retracement of the Feb 15 - Mar 1 climb

Gilt futures remain in a bear cycle following this week’s move lower and extension of the pullback from the Mar 1 high of 126.81. The contract remains closer to its recent lows. Price has probed key support at 121.10, Feb 6 low and a bear trigger. A clear break would confirm a resumption of the broader downtrend and strengthen bearish conditions. Resistance is seen at 123.52, the Mar 9 high.

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