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(M3) Remains Vulnerable

  • RES 4: 107.33 High Mar 20
  • RES 3: 105.62 High Mar 27
  • RES 2: 105.00 Round number resistance
  • RES 1: 104.47 High Mar 30
  • PRICE: 103.35 @ Close Mar 31
  • SUP 1: 102.74 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

Gilt futures traded lower again Friday and the contract maintains a bearish short-term tone. Last week’s move down resulted in a break of support at the 20-day EMA which intersects at 103.68. The average represents an important short-term support and the clear break signals scope for a continuation lower near-term, towards 102.31 next, a Fibonacci retracement On the upside, initial resistance is seen at 104.47, last Thursday’s intraday high.

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