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(M3) Pierces Support At The 20-Day EMA

GILT TECHS
  • RES 4: 106.27 76.4% retracement of the Mar 20 - 22 sell-off
  • RES 3: 105.61 61.8% retracement of the Mar 20 - 22 sell-off
  • RES 2: 105.08 50.0% retracement of the Mar 20 - 22 sell-off
  • RES 1: 104.39 High Mar 20
  • PRICE: 103.86 @ Close Mar 22
  • SUP 1: 102.84 Low Mar 22
  • SUP 2: 102.31 61.8% retracement of the entire rally from Feb 28
  • SUP 3: 102.00 Round number support
  • SUP 4: 101.12 76.4% retracement of the entire rally from Feb 28

Gilt futures traded lower Wednesday before finding support at the day low of 102.84. The contract has pierced support at the 20-day EMA which intersects at 103.18. A clear break of this average would strengthen any developing bearish threat and expose 101.12, a Fibonacci retracement. For bulls, a strong resumption of gains would refocus attention on the recent high of 107.33, the Mar 20 high.

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