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(M4) Recovery Extends

GILT TECHS
  • RES 4: 99.77 1.764 retracement of the Feb 26 - 29 bear leg
  • RES 3: 99.52 1.618 retracement of the Feb 26 - 29 bear leg
  • RES 2: 99.33 1.50 retracement of the Feb 26 - 29 bear leg
  • RES 1: 99.28 Intraday high
  • PRICE: 99.25 @ 14:32 GMT Mar 5
  • SUP 1: 98.33/97.91 Intraday low / Low Mar 4
  • SUP 2: 97.42 Low Mar 1
  • SUP 3: 96.83 Low Feb 29 and the bear trigger
  • SUP 4: 96.00 Round number support

Gilt futures have traded sharply higher today, extending the recovery from last week’s low. Resistance at 98.53, the Feb 26 high, has been cleared. The break eases recent bearish pressure and instead signals scope for a continuation higher near-term. 99.00 has been cleared and sights are on 99.33 next, a Fibonacci retracement projection. Key support and the bear trigger has been defined at 96.83, the Feb 29 low.

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