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(M2) Range Bound For Now

GILT TECHS
  • RES 4: 125.04 1.236 proj of the Feb 16 - 18 - 23 price swing
  • RES 3: 124.47 1.00 proj of the Feb 16 - 18 - 23 price swing
  • RES 2: 124.00 Round number support
  • RES 1: 123.53 High Feb 18 and the near-term bull trigger
  • PRICE: 122.64 @ Close Feb 25
  • SUP 1: 122.04 Low Feb 23 and a key intraday support
  • SUP 2: 121.10 Low Feb 16 and the bear trigger
  • SUP 3: 121.00 Round number support
  • SUP 4: 120.00 Psychological handle

Gilt futures remain inside its recent range. The medium-term trend condition is bearish however the risk of a stronger short-term corrective bounce remains present. Initial resistance to watch is at 123.53, the Feb 18 high where a break would confirm a resumption of the recent recovery from the 121.10 low of Feb 16. This 121.10 level represents a key short-term handle and is the trigger for a resumption of the primary downtrend.

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