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(U1) Approaching Resistance

GILT TECHS
  • RES 4: 128.10 2.500 projection of the May 13 - 19 price swing
  • RES 3: 128.00 Round number resistance
  • RES 2: 127.89 2.236 proj of the May 13 - 19 price swing
  • RES 1: 127.74 High May 7 and 26
  • PRICE: 127.68 @ Close May 26
  • SUP 1: 127.34 Low May 26
  • SUP 2: 126.81 Low May 24
  • SUP 3: 126.12 Low May 19
  • SUP 4: 125.94 Low May 13 and key support

The Gilt futures broader outlook remains bearish and recent gains are still considered a correction. Price though traded higher again yesterday and the contract is approaching key S/T resistance at the highs of early May and late April. A break of these highs would alter the picture and suggest a short-term base is in place signalling scope for a stronger near-term recovery. On the downside firm support is at 126.81, May 24 low. Key support lies at 125.94.

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