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(M2) Trend Needle Still Points South

  • RES 4: 125.85 High Mar 4
  • RES 3: 124.60 High Mar 8
  • RES 2: 123.52 High Mar 9
  • RES 1: 122.72 High Mar 18 and a key near-term resistance
  • PRICE: 121.08 @ Close Mar 24
  • SUP 1: 120.26 Low Mar 24
  • SUP 2: 120.00 Round number support
  • SUP 3: 119.75 123.6% retracement of the Feb 15 - Mar 1 climb
  • SUP 4: 118.92 138.2% retracement of the Feb 15 - Mar 1 climb

Trend conditions in Gilt futures remain bearish following recent weakness and despite yesterday’s bounce from the day low. This week’s move lower has resulted in a break of key support and the bear trigger at 121.10, the Feb 6 low. This marks a resumption of the broader downtrend and opens 120.00. Price action has defined a key short-term resistance at 122.72, Mar 18 high. A break of this level is required to signal a short-term reversal.

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