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(M2) Broader Trend Direction Remains Down

GILT TECHS
  • RES 4: 122.35 High Apr 4
  • RES 3: 120.96 High Apr 6
  • RES 2: 120.16 50-day EMA
  • RES 1: 119.79 High Apr 25 and key resistance
  • PRICE: 119.01 @ Close May 11
  • SUP 1: 116.87 Low May 9 and the bear trigger
  • SUP 2: 116.35 Low Dec 30 2015 (cont)
  • SUP 3: 115.40 1.00 proj of the Mar 1 - 28 - Apr 4 price swing
  • SUP 4: 115.00 Round number support

The trend direction in Gilt futures remains down and gains are considered corrective. Moving average studies still point south and the dominant bearish price sequence of lower lows and lower highs remains intact. Resistance to watch is 119.79, Apr 26 high where a break is required to signal a short-term base. This week’s print below 117.22, Apr 22 low, reinforced bearish conditions. The trigger for a continuation lower is 116.87, May 9 low.

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