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(U1) Bearish Focus

GILT TECHS

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: 127.74/82 High May 7, 26 / High Apr 20 and a key resistance
  • PRICE: 126.87 @ Close Jun 1
  • SUP 1: 126.82 Low May 28
  • SUP 2: 126.55 Low May 21
  • SUP 3: 126.12 Low May 19
  • SUP 4: 125.94 Low May 13 and key support

The Gilt futures broader outlook remains bearish. Recent gains stalled on May 27, resulting in a sharp pullback, signalling the end of the recent corrective recovery. Scope exists for short-term weakness that would expose last month's low of 125.94 on May 13. This level also represents the bear trigger. Key short-term resistance is marked by the highs of early May and late April. A break would be bullish.

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