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(U0) Retreating (Quickly) From Contract Highs

GILT TECHS
  • RES 4: 139.70 Low Mar 3 (cont)
  • RES 3: 139.05 High Mar 12 (cont)
  • RES 2: 138.99 High May 22 (cont)
  • RES 1: 138.93 High Aug 4
  • PRICE: 138.07 @ Close Aug 5
  • SUP 1: 137.96 20-day EMA
  • SUP 2: 137.82 Low Jul 24 and key support
  • SUP 3: 137.51 Low Jul 22
  • SUP 4: 137.36 Low Jul 15

Bulls extended their winning streak Tuesday, hitting a new contract high at 138.93, but prices spiralled lower Wednesday as momentum appeared to peter out. Markets remain within striking distance of the May high on the continuous chart at 138.99 which, if topped, would expose the alltime high of 139.70. Firm support remains at 137.82, Jul 24 low. A breach of this level would dent current bullish sentiment.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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