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(M3) Remains Below Resistance At The 20-Day EMA

  • RES 4: 102.99 High Apr 14
  • RES 3: 102.63 38.2% retracement of the Mar 20 - Apr 19 bear leg
  • RES 2: 102.12 High Apr 26
  • RES 1: 101.63/102.03 High Apr 28 / 20-day EMA
  • PRICE: 101.46 @ Close Apr 28
  • SUP 1: 100.53/99.73 Low Apr 28 / Low Apr 19
  • SUP 2: 99.55 Low Mar 8
  • SUP 3: 99.20 Low Feb 28 and key support
  • SUP 4: 99.00 Round number support

Gilt futures traded higher in the early part of last week. A resumption of gains would refocus attention on the 20-day EMA at 102.03. This average represents a key short-term resistance where a break is required to highlight potential for a stronger rally. On the downside, key support and the bear trigger has been defined at 99.73. Clearance of this level would resume the downtrend that started Mar 20.

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