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(M3) Watching Resistance At The 20-Day EMA

GILT TECHS
  • RES 4: 102.99 High Apr 14
  • RES 3: 102.63 38.2% retracement of the Mar 20 - Apr 19 bear leg
  • RES 2: 102.22 20-day EMA
  • RES 1: 102.12 High Apr 26
  • PRICE: 101.60 @ Close Apr 26
  • SUP 1: 100.64/99.73 Low Apr 24 / 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 have traded higher this week, to extend the latest recovery. The bounce is considered corrective - for now. Attention is on resistance at the 20-day EMA that intersects at 102.22. A clear break of this average would signal scope for a stronger short-term recovery and open 102.63, a Fibonacci retracement. Key short-term support has been defined at 99.73, a move through this level would resume the downtrend.

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