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(U1) Resumes Its Uptrend

GILT TECHS
  • RES 4: 129.99 High Feb 24 (cont)
  • RES 3: 129.61 1.618 proj of the May 13 - 26 - Jun 3 price swing
  • RES 2: 129.40 1.50 proj of the May 13 - 26 - Jun 3 price swing
  • RES 1: 129.19 1.382 proj of the May 13 - 26 - Jun 3 price swing
  • PRICE: 129.10 @ Close Jul 6
  • SUP 1: 128.39 High Jun 11 and recent breakout level
  • SUP 2: 127.90 20-day EMA
  • SUP 3: 127.25/126.91 Low Jun 10 / Low Jun 17 and key support
  • SUP 4: 126.70 Low Jun 3

Gilt futures resumed their uptrend yesterday. This has resulted in a clear break of the key S/T resistance at 128.39, Jun 11 high. The break represents an important short-term bullish development and signals a resumption of the uptrend that started May 13. Furthermore, the move higher maintains a bullish price sequence of higher highs and higher lows. With 129.00 cleared, attention is on 129.19 next, a Fibonacci projection. Initial support is at 128.39.

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