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(U1) Attention Is On Key Resistance

GILT TECHS
  • RES 4: 128.92 1.236 proj of the May 13 - 26 - Jun 3 price swing
  • RES 3: 128.50 1.00 proj of the May 13 - 26 - Jun 3 price swing
  • RES 2: 128.39 High Jun 11 and the bull trigger
  • RES 1: 128.21 High Jun 30
  • PRICE: 128.02 @ Close Jul 1
  • SUP 1: 127.25/126.91 Low Jun 10
  • SUP 2: 126.70 Low Jun 23 / Low Jun 3 and key near-term support
  • SUP 3: 126.55 Low May 21
  • SUP 4: 126.12 Low May 19

Gilt futures has traded higher this week and is closing in on key resistance. The contract on Jun 9, breached 127.74, May 26 high. This confirmed a bullish price sequence of higher highs and higher lows and the positive price condition remains intact. Price has held above a key short-term pivot support at 126.70, Jun 3 low. Further gains would open 128.39, Jun 11 high and the bull trigger. A break of 126.70 would instead be bearish.

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