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(U1) Key Pivot Support Remains Intact

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: 128.09 High Jun 28
  • PRICE: 127.96 @ Close Jun 29
  • 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 traded through a resistance at 127.74, May 26 high earlier this month. This confirmed a bullish price sequence of higher highs and higher lows and the price condition remains intact. The pullback between Jun 11 - 17 is considered corrective and importantly, price remains above a key S/T pivot support at 126.70, Jun 3 low. A resumption of 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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