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(M3) Impulsive Rally

GILT TECHS
  • RES 4: 103.55 3.00 proj of the Feb 28 - Mar 6 - Mar 7 price swing
  • RES 3: 103.22 2.764 proj of the Feb 28 - Mar 6 - Mar 7 price swing
  • RES 2: 103.01 2.618 proj of the Feb 28 - Mar 6 - Mar 7 price swing
  • RES 1: 102.91 High Mar 10
  • PRICE: 102.47 @ Close Mar 13
  • SUP 1: 102.00/101.13 Round number support / Low Mar 10
  • SUP 2: 100.91 High Mar 9 high and a gap low
  • SUP 3: 100.06 Low Mar 9
  • SUP 4: 99.32 Low Mar 7

Gilt futures traded sharply higher Friday, extending the recovery from 99.20, the Feb 28 low. A number of key short-term resistance points have been cleared, strengthening the current bullish theme. This signals scope for a climb towards 103.01 and 103.22 next, Fibonacci extensions. Key near-term support is at 101.13, Friday’s low. A break of this level is required to signal a top.

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