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(M2) Eyeing The Bear Trigger

GILT TECHS
  • RES 4: 122.35 High Apr 4
  • RES 3: 120.66 50-day EMA
  • RES 2: 120.47 High Apr 8
  • RES 1: 119.79 High Apr 25 and a bull trigger
  • PRICE: 118.07 @ Close May 3
  • SUP 1: 117.22 Low Apr 22 and a bear trigger
  • SUP 2: 117.04 0.764 proj of the Mar 1 - 28 - Apr 4 price swing
  • SUP 3: 116.35 Low Dec 30 2015
  • SUP 4: 115.40 1.00 proj of the Mar 1 - 28 - Apr 4 price swing

The trend condition in Gilt futures remains bearish. Moving average studies continue to point south and the dominant bearish price sequence of lower lows and lower highs remains intact. A firm resistance has been defined at 119.79, Apr 26 high where a break is required to reinstate a bullish theme. Attention is on the 117.22 bear trigger. A break of this level would confirm a resumption of the primary downtrend.

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