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(U0) Candle Patterns Highlight A Top

GILT TECHS
  • RES 4: 139.70 Low Mar 3 (cont)
  • RES 3: 139.05 High Mar 12 (cont)
  • RES 2: 138.48 1.00 projection of Jun 19 - 25 rally from Jul 1 low
  • RES 1: 138.46 High Jul 24 and the bull trigger
  • PRICE: 137.90 @ Close Jul 24
  • SUP 1: 137.51 Low Jul 22
  • SUP 2: 137.36 Low Jul 15
  • SUP 3: 137.25 Low Jul 13 and key near-term support
  • SUP 4: 137.21/136.95 50-day EMA / Low Jul 1

Gilts futures traded higher last week however found resistance Friday at
138.46 resulting in a strong sell-off and a weak close. Japanese candle
patterns alluding to a potential top. A doji pattern Thursday, and Friday's
session a bearish engulfing suggest bullish sentiment is waning. If
correct, the risk is for weakness towards the initial firm support handle at
137.51, Jul 20 low. A break of 138.46 resumes the uptrend.

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