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Free Access###POV Below 120.54 To Confirm 200-WMA...>
GILT TECHS: ###POV Below 120.54 To Confirm 200-WMA Break
- Lower weekly swing highs following the 130.12 2017 high combined with Dec
topside failures around the 55-WMA (126.24) & 100-WMA (125.95) see the contract
remain offered during 2018. This has resulted in immediate pressure on the
200-WMA (121.39). A close below the 200-WMA was last seen in mid-2015.
- The May 25 2016 monthly low at 120.54 is now key. LT traders look for a close
below to confirm traction below the 200-WMA and to shift overall focus to tests
of 114.41 2015 lows. Weekly studies have room to move before O/S becomes and
issue. The 118.93 (Apr 2016 mthly low) & 116.17 (Nov 2015 mthly low) levels are
likely to support along the way.
- Layers of resistance remain in place with the 55-WMA key. Bulls need a close
above this level to confirm an easing of LT bearish pressure and above the
falling daily TL (128.01) off Sept 2016 highs to hint at a move back to 132.97
2016 highs with above 130.12 2017 highs to confirm.
- Click for chart https://tinyurl.com/y89mhguh
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.