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(M2) Fresh Cycle Low

GILT TECHS
  • RES 4: 124.60 High Mar 8
  • RES 3: 123.52 High Mar 9
  • RES 2: 122.72 High Mar 18 and a key near-term resistance
  • RES 1: 121.34/122.35 20-day EMA / High Apr 4
  • PRICE: 120.17 @ Close Apr 7
  • SUP 1: 119.83 Low Apr 7
  • SUP 2: 119.75 123.6% retracement of the Feb 15 - Mar 1 climb
  • SUP 3: 119.36 Low Oct 10 2018 (cont)
  • SUP 4: 118.93 Low Apr 26 2016 (cont)

Gilt futures found resistance this week at 122.35, the Apr 4 high. The pullback means price has failed to remain above the 20-day EMA, and that a key resistance at 122.72, the Mar 18 high, also remains intact. The broader trend direction is down and yesterday’s fresh cycle low reinforces this theme. An extension lower would open 119.75 and 119.36. For bulls, clearance of 122.35/72 would suggest scope for a stronger bullish short-term cycle.

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