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(M3) Trades Through The 20-Day EMA

GILT TECHS
  • RES 4: 107.78 High Feb 2 (cont) a and a key resistance
  • RES 3: 107.33 High Mar 20
  • RES 2: 105.62/106.48 High Mar 27 / 76.4% of Mar 24 - 27 pullback
  • RES 1: 104.35 Intraday high
  • PRICE: 103.66 @ 10:45 BST Mar 28
  • SUP 1: 103.26 50.0% retracement of the entire rally from Feb 28
  • SUP 2: 102.84 Low Mar 22
  • SUP 3: 102.31 61.8% retracement of the entire rally from Feb 28
  • SUP 4: 102.00 Round number support

Gilt futures are trading lower today. The sell-off has resulted in a break of support at the 20-day EMA which intersects at 103.71. This average represents an important short-term support and the break signals scope for a continuation lower near-term. This has opened 102.84, the Mar 22 low. On the upside, initial resistance is seen at 104.35, today’s intraday high. A move above this level would ease the developing bearish threat.

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