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(U0) Uptrend Extends

GILT TECHS
  • RES 4: 139.70 Low Mar 3 (cont)
  • RES 3: 139.05 High Mar 12 (cont)
  • RES 2: 138.84 1.236 projection of Jun 19 - 25 rally from Jul 1 low
  • RES 1: 138.81 Intraday high
  • PRICE: 138.65 @ Close Jul 30
  • 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

Gilts futures traded to a fresh high once again yesterday. This week's gains have confirmed a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. This opens 138.84 next, a Fibonacci projection and 139.05, Mar 12 high (cont). On the downside, firm support has been defined at 137.82, Jul 24 low. A breach of this level would dent current bullish sentiment.

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