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(M2) Trades Above The 20-Day EMA

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: 122.35 High Apr 4
  • PRICE: 121.88 @ Close Apr 4
  • SUP 1: 120.55 Low Apr 1
  • SUP 2: 119.86 Low Mar 28 and the bear trigger
  • SUP 3: 119.75 123.6% retracement of the Feb 15 - Mar 1 climb
  • SUP 4: 119.36 Low Oct 10 2018 (cont)

Gilt futures traded higher Monday and broke out of the recent range. The contract has also moved above the 20-day EMA and this exposes key resistance at 122.72, the Mar 18 high. The broader trend direction is bearish though and gains are still considered corrective. The bear trigger is at 119.86, the Mar 28 low. For bulls, clearance of 122.72 would suggest scope for a stronger bullish short-term cycle.

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