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Free Access(U18) Consolidating Above 38.2% Fibo.....>
GILT TECHS: (U18) Consolidating Above 38.2% Fibo Retrace Level
*RES 4: 123.88 76.4% Fibo of 124.67-121.33
*RES 3: 123.75 1.618 swing of 123.19-122.28
*RES 2: 123.47/52 Jun 28, May 31 highs
*RES 1: 123.35 Jul 2 high
*PRICE: 123.20 @0733GMT
*SUP 1: 122.65/67 38.2% of 121.33-123.47, Jun 29 low
*SUP 2: 122.40 50% Fibo of 121.33-123.47
*SUP 3: 122.25/28 Jun 13 high, Jun 21 low
*SUP 4: 122.15 61.8% Fibo of 121.33-123.47
*COMMENTARY* Last week saw a move above the 61.8% Fibo retrace level at 123.39.
A high of 123.47 as we pushed into very highly overbought near term conditions.
The May 31 high at 123.52 is the next obvious resistance, ahead of the swing
target at 123.75 and the 76.4% Fibo retrace level at 123.88. These however may
have to remain on hold, as support from 122.90 has given way. This would open
the door to 122.65 next and possibly 122.40-122.15.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.