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(M2) Breaks Out Of Its Recent Range

GILT TECHS
  • RES 4: 126.00 Round number resistance
  • RES 3: 125.69 1.50 proj of the Feb 16 - 18 - 23 price swing
  • RES 2: 125.40 1.382 proj of the Feb 16 - 18 - 23 price swing
  • RES 1: 125.04 1.236 proj of the Feb 16 - 18 - 23 price swing
  • PRICE: 123.08 @ Close Feb 28
  • SUP 1: 122.76 Low Feb 28
  • SUP 2: 122.04 Low Feb 23 and a key intraday support
  • SUP 3: 121.10 Low Feb 16 and the bear trigger
  • SUP 4: 121.00 Round number support

Gilt futures are rallying today and have broken out of its recent range. The move higher marks an extension of the current recovery that started from the 121.10 low of Feb 16. This signals scope for a climb towards 125.04 and 125.40 next, Fibonacci projections based on a recent price swing. Key short-term support has been defined at 122.04, Feb 23 low where a break is required to reinstate the recent bearish tone.

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