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(U0) Fails To Hold Above 138.00 *RES.....>

GILT TECHS
GILT TECHS: (U0) Fails To Hold Above 138.00
*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: 138.15 High Jul 10
*PRICE: 137.38 @ Close Jul 13
*SUP 1: 136.95 Low Jul 1
*SUP 2: 136.89/82 50-day EMA / Low Jun 24
*SUP 3: 136.72 Low Jun 22
*SUP 4: 136.48 Low Jun 19 and key support
Gilts futures traded sharply lower yesterday. The outlook is bullish however
price needs to trade above Friday's high of 138.15 to reinforce a bullish
potential. The positive outlook follows last week's break of the former key
resistance at 138.02, May 22 high. However, the failure to follow through so far
is a concern for bulls. Key support lies at 136.95, Jul 1 low and a break would
instead highlight a potential short-term trend reversal.

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