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(M3) Breaches Key Short-Term Support

GILT TECHS
  • RES 4: 105.04 50.0% retracement of the Mar 20 - 31 downleg
  • RES 3: 104.97 High Mar 6 and a key resistance
  • RES 2: 104.16 High Apr 12
  • RES 1: 103.58 20-day EMA
  • PRICE: 102.21 @ Close Apr 14
  • SUP 1: 102.00 Round number support
  • SUP 2: 101.12 76.4% retracement of the Feb 28 - Mar 20 rally
  • SUP 3: 100.91 High Mar 9 and a gap low on the daily chart
  • SUP 4: 100.06 Low Mar 9

A short-term bearish theme in Gilt futures remains in play and Friday’s move lower reinforces this theme. The contract has breached support at 102.74, the Mar 20 low and a bear trigger. The break paves the way for an extension to 102.00 and 101.12, a Fibonacci retracement. On the upside, key resistance is seen at 104.97, the Apr 6 high. Initial firm resistance is seen at 103.58, the Apr 14 high.

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