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(M3) Remains Above Wednesday’s Low

GILT TECHS
  • RES 4: 106.27 76.4% retracement of the Mar 20 - 22 sell-off
  • RES 3: 106.00 Round number resistance
  • RES 2: 105.61 61.8% retracement of the Mar 20 - 22 sell-off
  • RES 1: 105.22 High Mar 21
  • PRICE: 104.97 @ Close Mar 23
  • SUP 1: 103.84/102.84 Low Mar 23 / 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 to a low of 102.84 Wednesday. Price has recovered from this low. The contract has pierced support at the 20-day EMA which intersects at 103.35. A clear break of this average would strengthen any developing bearish threat and expose 101.31, 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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