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(U2) Bearish Price Conditions

GILT TECHS
  • RES 4: 118.63 High May 24 and key near-term resistance
  • RES 3: 118.51 High May 26
  • RES 2: 117.49 High May 31
  • RES 1: 116.20 High Jun 1
  • PRICE: 114.70 @ Close Jun 6
  • SUP 1: 114.55 2.00 proj of the May 19 - 24 - 26 price swing
  • SUP 2: 114.08 2.236 proj of the May 19 - 24 - 26 price swing
  • SUP 3: 114.00 Round number support
  • SUP 4: 113.79 2.382 proj of the May 19 - 24 - 26 price swing

Gilt futures started the week on a softer note and the contract gapped lower at the open Monday. The move confirms a resumption of the downtrend and an extension of the latest bear leg that started May 19. This also maintains the bearish price sequence of lower lows and lower highs. The contract has traded below the 115.00 handle, and this opens 114.55, a Fibonacci projection. Initial resistance is seen at 116.20, high Jun 1.

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