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(M2) Remains Vulnerable

GILT TECHS
  • RES 4: 126.81 High Mar 1 and a key resistance
  • RES 3: 125.85 High Mar 4
  • RES 2: 124.60 High Mar 8
  • RES 1: 123.52 High Mar 9
  • PRICE: 122.26 @ Close Mar 14
  • SUP 1: 121.86 Low Feb 23
  • SUP 2: 121.10 Low Feb 16 and the bear trigger
  • SUP 3: 120.00 Round number support
  • SUP 4: 119.75 123.6% retracement of the Feb 15 - Mar 1 climb

Gilt futures traded lower last week and remain closer to their recent lows, following the pullback from the recent high of 126.81 on Mar 1. The contract has breached support at 123.50, Mar 1 low and 122.04, the Feb 23 low. This has exposed the key support at 121.10, Feb 16 low and the bear trigger. On the upside, a strong rebound would ease the bearish threat. Initial firm resistance is seen at $124.60, the Mar 8 high.

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