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(M3) Is Trading Below The 20-Day EMA

GILT TECHS
  • RES 4: 107.33 High Mar 20
  • RES 3: 106.25 61.8% retracement of the Mar 20 - 31 downleg
  • RES 2: 105.62 High Mar 27
  • RES 1: 103.94/104.97 20-day EMA / High Apr 6
  • PRICE: 103.34 @ 08:17 BST Apr 11
  • SUP 1: 103.90/102.74 20-day EMA / Low Mar 31
  • SUP 2: 102.31 61.8% retracement of the Feb 28 - Mar 20 rally
  • SUP 3: 102.00 Round number support
  • SUP 4: 101.12 76.4% retracement of the Feb 28 - Mar 20 rally

A short-term bearish threat in Gilt futures remains present - recent weakness resulted in a breach of support at the 20-day EMA which intersects at 103.94 and price is once again trading below this EMA. A continuation lower would expose 102.74, the Mar 20 low and bear trigger. Clearance of this level would open 102.31 next, a Fibonacci retracement. On the upside, initial key resistance is seen at 104.97, the Apr 6 high.

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