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(U2) Scope For Additional Short-Term Corrective Gains

GILT TECHS
  • RES 4: 116.00 Round number resistance
  • RES 3: 115.55 High Jun 6
  • RES 2: 115.02 High Jun 8
  • RES 1: 113.54/114.55 20-day EMA / High Jun 24 and the bull trigger
  • PRICE: 112.90 @ Close Jun 30
  • SUP 1: 111.72 Low Jun 29
  • SUP 2: 110.57 Low Jun 21
  • SUP 3: 109.89/60 Low Jun 16 / 4.50 proj of May 19 - 24 - 26 swing
  • SUP 4: 109.33 Low Jul 8 2014 (cont)

Gilt futures have pulled back from last week’s high of 114.55 (Jun 24). Despite the retracement, a short-term bullish corrective cycle still appears to be in play and a resumption of gains would signal scope for a climb towards 115.55, the Jun 6 high. The broader trend remains down with key support and the bear trigger defined at 109.89, the Jun 16 low. A break of this level would confirm a resumption of the downtrend.

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