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(M3) Trend Needle Points South

GILT TECHS
  • RES 4: 105.04 50.0% retracement of the Mar 20 - 31 downleg
  • RES 3: 104.97 High Mar 6 and a key resistance
  • RES 2: 104.16 High Apr 12
  • RES 1: 103.72/104.97 20-day EMA / High Apr 6
  • PRICE: 103.08 @ Close Apr 13
  • SUP 1: 102.54 Low Apr 13
  • 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

A short-term bearish threat in Gilt futures remains present and the contract is trading closer to this week’s lows. Recent bearish activity has resulted in a breach of support at the 20-day EMA which intersects at 103.72 and price has pierced support at 102.74, the Mar 20 low and a bear trigger. Clearance of this level would open 102.31, a Fibonacci retracement. On the upside, key resistance is seen at 104.97, the Apr 6 high.

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