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(U1) Shy of Bull Trigger

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: 130.88 200-dma (cont)
  • RES 1: 130.72 High Aug 3 / 2.236 proj of the May 13 - 26 - Jun 3 price swing / bull trigger
  • PRICE: 130.29 @ 16:33 BST Aug 04
  • SUP 1: 129.10 Low Jul 22
  • SUP 2: 128.54/39 Low Jul 14 / High Jun 11 and recent breakout level
  • SUP 3: 128.03 Jul 6
  • SUP 4: 127.25 Low Jun 10

Gilt futures saw decent intraday buying Wednesday, pushing the high watermark up to 130.72 before prices faded. This cements the bullish condition that's dominated since the break of 129.92, Jul 8 high. The move above this level confirmed a resumption of the uptrend from mid-May and maintains a bullish price sequence of higher highs and higher lows. The focus shifts to the 130.88 200-dma. Watch support at 128.54, low Jul 14.

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