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(U1) Outlook Remains Bullish

GILT TECHS
  • RES 4: 131.72 38.2% retracement of the Mar'20 - Jun'21 sell-off
  • RES 3: 131.37 38.2% retracement of the Aug '20 - Jun sell-off
  • RES 2: 130.72 High Aug 3 / 2.236 of the May 13-26-Jun 3 price swing
  • RES 1: 130.55 200-dma (cont)
  • PRICE: 129.86 @ Close Aug 17
  • SUP 1: 129.22/129.04 Low Aug 6 / 50-day EMA
  • SUP 2: 128.54/39 Low Jul 14 / High Jun 11
  • SUP 3: 128.03 Jul 6
  • SUP 4: 127.87 Low Jul 1

Recent gains in Gilt futures stalled ahead of the 200-dma - the contract achieved a high watermark of 130.72 on Aug 4. The pullback from this high is considered corrective with key support seen at the 50-day EMA, currently at 129.04. A clear break of the 50-day EMA would suggest scope for a deeper pullback. The bull trigger is 130.72 with the 200 dma at 130.55 (cont) also marking a key hurdle for bulls.

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