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(M2) Bearish Threat Remains Present

GILT TECHS

RES 4: 125.85 High Mar 4

  • RES 3: 124.60 High Mar 8
  • RES 2: 123.52 High Mar 9
  • RES 1: 122.72 High Mar 18 and a key near-term resistance
  • PRICE: 121.35 @ Close Mar 18
  • SUP 1: 120.86 Low Mar 21
  • 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 recent weakness and the extension of the pullback from the Mar 1 high of 126.81. Recent short-term gains were considered corrective and price has remained below resistance at 123.52, the Mar 9 high. The contract continues to pressure key support at 121.10, Feb 6 low and a bear trigger. A clear break would confirm a resumption of the broader downtrend. This would open 120.00.

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