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(U1) Still Looking For Gains

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: 130.44 200-dma (cont)
  • PRICE: 130.11 @ Close Aug 24
  • SUP 1: 129.23/22 50-day EMA / Low Aug 6
  • SUP 2: 128.54/39 Low Jul 14 / High Jun 11
  • SUP 3: 128.03 Jul 6
  • SUP 4: 127.87 Low Jul 1

The Gilt futures needle continues to point north. Recent gains stalled ahead of the 200-dma and the contract touched a high of 130.72 on Aug 4. The pullback that followed from 130.72 is considered corrective with key support at the 50-day EMA, currently at 129.23. The bull trigger is unchanged at 130.72 with the 200 dma at 130.44 (cont) also representing a key hurdle for bulls. A clear break of the 50-day EMA would alter the picture.

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