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(M3) Impulsive Bear Wave Extends

GILT TECHS
  • RES 4: 100.15 20-day EMA
  • RES 3: 99.73/100.11 Low Apr 19 / High May 18
  • RES 2: 99.21 High May 19
  • RES 1: 97.98 High May 23
  • PRICE: 96.93 @ Close May 24
  • SUP 1: 96.75 Low May 23
  • SUP 2: 96.41 2.236 projection of the May 3 - 10 - 11 price swing
  • SUP 3: 95.82 Low Oct 21 (cont)
  • SUP 4: 94.76 76.4% of the Oct 12 - Nov 24 2022 rally (cont)

Gilt futures remain in a bear mode position and the contract traded lower Tuesday. The move highlights a continued acceleration of the downtrend as the current impulsive bear wave extends. Sights are set on 96.41 next, the 2.236 projection of the May 3 - 10 - 11 price swing. Initial resistance is at yesterday’s intraday high of 97.98. A firmer level is seen at 99.73, the Apr 19 low.

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