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(M3) Key Resistance Remains Exposed

  • RES 4: 108.91 High Nov 24 2022 (cont) and a key M/T resistance
  • RES 3: 108.00 Round number resistance
  • RES 2: 107.78 High Feb 2 (cont) a and a key resistance
  • RES 1: 107.33 High Mar 20
  • PRICE: 105.81 @ Close Mar 24
  • SUP 1: 105.46 Low Mar 24
  • SUP 2: 103.84/59 Low Mar 23 / 20-day EMA
  • SUP 3: 102.84 Low Mar 22
  • SUP 4: 102.31 61.8% retracement of the entire rally from Feb 28

Gilt futures traded to a low of 102.84 on Mar 22. Price has recovered from this low. Sights are on 107.33, the Mar 20 high and a bull trigger. Clearance of this level would reinforce a bullish theme and open 107.78, the Feb 2 high on the continuation chart. On the downside, support to watch is at the 20-day EMA which intersects at 103.59. A clear break of this average is required to highlight a possible reversal.

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