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(M2) Pullback Extends

GILT TECHS
  • RES 4: 126.90 2.00 proj of the Feb 16 - 18 - 23 price swing
  • RES 3: 126.81 High Mar 1 and a key resistance
  • RES 2: 125.85 High Mar 4
  • RES 1: 124.60 High Mar 8
  • PRICE: 123.30 @ Close Mar 8
  • SUP 1: 122.96 Low Mar 8
  • SUP 2: 122.46 76.4% retracement of the Feb 16 - Mar 1 rally
  • SUP 3: 122.04 Low Feb 23
  • SUP 4: 121.10 Low Feb 16 and the bear trigger

Gilt futures traded lower Tuesday to confirm an extension of the pullback from the recent high of 126.81 on Mar 1. The contract has breached support at 123.50, Mar 1 low and this opens 122.47, a Fibonacci retracement. A break of 122.47 would expose the key support at 121.10, Feb 16 low. On the upside, a rebound would ease the bearish threat and refocus sights on the key resistance at 126.81.

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