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(U2) Corrective Pullback Still In Play

GILT TECHS
  • RES 4: 121.07 High May 12 (cont)
  • RES 3: 120.00 Round number resistance
  • RES 2: 118.88/119.84 High Aug 4 / 2 and the bull trigger
  • RES 1: 117.15/118.10 High Aug 15 / 10
  • PRICE: 115.86 @ Close Aug 16
  • SUP 1: 115.71 Low Aug 12
  • SUP 2: 114.86 50.0% retracement of the Jun 16 - Aug 2 upleg
  • SUP 3: 114.08 Low Jul 8 and a key support
  • SUP 4: 113.69 61.8% retracement of the Jun 16 - Aug 2 upleg

Gilt futures still appear vulnerable. Last week’s extension lower resulted in a break of trendline support drawn from the Jun 16 low. The pullback this month is still considered corrective and the trend outlook remains bullish. However, an extension lower would expose 114.86 next, a Fibonacci retracement. On the upside, initial firm resistance has been defined at 118.10, the Aug 10 high. A break would be a bullish development.

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