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(M2) Breaks Out Of Its Recent Range

GILT TECHS
  • RES 4: 127.47 2.236 proj of the Feb 16 - 18 - 23 price swing
  • RES 3: 127.00 Round number resistance
  • RES 2: 126.90 2.00 proj of the Feb 16 - 18 - 23 price swing
  • RES 1: 126.81 High Mar 1
  • PRICE: 125.03 @ Close Mar 2
  • SUP 1: 123.50 Low Mar 1
  • SUP 2: 122.76 Low Feb 28
  • SUP 3: 122.04 Low Feb 23 and a key intraday support
  • SUP 4: 121.10 Low Feb 16 and the bear trigger

Gilt futures rallied Tuesday and this resulted in a break out of its recent range. The move higher marks an impulsive extension of the current recovery that started from the 121.10 low of Feb 16. This signals scope for a climb towards 126.90 and 127.47 next, Fibonacci projections based on a recent price swing. Key short-term support has been defined at Tuesday’s low of 123.50. Pullbacks, for now, are considered corrective.

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