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(M4) Bearish Outlook Despite Recent Bounce

GILT TECHS
  • RES 4: 100.73 1.764 projection of the Feb 29 - Mar 1 - 4 price swing
  • RES 3: 100.50 1.618 projection of the Feb 29 - Mar 1 - 4 price swing
  • RES 2: 100.05/100.37 High Mar 22 / 12 and a key S/T resistance
  • RES 1: 99.37 High Apr 4
  • PRICE: 98.88 @ Close Apr 9
  • SUP 1: 98.05/97.96 Low Mar 15 / Apr 8
  • SUP 2: 97.67 76.4% retracement of the Feb 29 - Mar 12 rally
  • SUP 3: 97.42 Low Mar 1
  • SUP 4: 96.83 Low Feb 29 and the bear trigger

A bear threat in Gilt futures remains present and the contract traded lower Monday but has since recovered. Sights are on the key short-term support at 98.05, the Mar 15 low. A clear break of this level would strengthen a bearish theme and signal scope for an extension towards 97.67, a Fibonacci retracement. On the upside, key resistance and the bull trigger is unchanged at 100.37, Mar 12 high. Initial resistance is 99.37, the Apr 4 high.

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