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(M4) Downtrend Remains Intact

GILT TECHS
  • RES 4: 99.42 1.236 projection of the Feb 22 - 26 price swing
  • RES 3: 99.08 1.00 projection of the Feb 22 - 26 price swing
  • RES 2: 98.74 0.764 projection of the Feb 22 - 26 price swing
  • RES 1: 98.53 High Feb 26
  • PRICE: 97.52 @ Close Feb 27
  • SUP 1: 97.35 Low Feb 27
  • SUP 2: 97.10 Low Feb 22
  • SUP 3: 97.00 Round number support
  • SUP 4: 96.67 Low Dec 5

A bear threat in Gilt futures remains present and the contract continues to trade closer to its recent lows. The recent breach of support levels strengthens a bearish theme and confirms a resumption of the downtrend. Sights are on the 97.00 handle next. On the upside, initial firm resistance is at 98.53, Monday’s high. Short-term gains would be considered corrective ahead of a resumption of weakness.

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