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(U2) Key Support Remains Exposed

GILT TECHS
  • RES 4: 117.15 High Aug 15 and key short-term resistance
  • RES 3: 115.46 50-day EMA
  • RES 2: 114.55 20-day EMA
  • RES 1: 112.86/113.57 High Aug 23 / 22
  • PRICE: 111.37 @ Close Aug 25
  • SUP 1: 110.34 Low Aug 24
  • SUP 2: 109.89 Low Jun 16 and major support
  • SUP 3: 109.00 Round number support
  • SUP 4: 108.66 1.00 proj of May 12 - Jun 16 - Aug 2 price swing (cont)

Gilt futures remain vulnerable and the bearish impulsive run has continued this week. The sharp move lower reinforces a bearish theme and attention is on key support at 109.89, the Jun 16 low and a key medium-term bear trigger. Recent weakness has also resulted in the break of trendline support, drawn from the Jun 16 low. Clearance of 109.89 would confirm a resumption of the broader downtrend. Initial resistance is at 112.86, Aug 23 high.

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