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Impulsive Rally Extends

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(U2) Still Looking For A Break Higher

GILT TECHS
  • RES 4: 118.63 High May 24
  • RES 3: 118.16 1.382 proj of the Jun 16 - 24- 29 price swing
  • RES 2: 117.48 1.236 proj of the Jun 16 - 24- 29 price swing
  • RES 1: 117.09 High Jul 6 and the bull trigger
  • PRICE: 115.19 @ Close Jul 20
  • SUP 1: 114.08/113.03 Low Jul 8 / Low Jun 30
  • SUP 2: 111.72 Low Jun 29 and key near-term support
  • SUP 3: 110.57 Low Jun 21
  • SUP 4: 109.89 Low Jun 16 and the bear trigger

The short-term outlook in Gilt futures remains bullish and pullbacks are considered corrective. Recent gains confirmed a resumption of the bull cycle that started Jun 16 - price cleared resistance at 114.55, the Jun 24 high. A resumption of strength would open 117.48 next, a Fibonacci projection. On the downside, key short-term support has been defined at 111.72, the Jun 29 low. Initial support to watch is 114.08, Jul 8 low.

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  • RES 4: 118.63 High May 24
  • RES 3: 118.16 1.382 proj of the Jun 16 - 24- 29 price swing
  • RES 2: 117.48 1.236 proj of the Jun 16 - 24- 29 price swing
  • RES 1: 117.09 High Jul 6 and the bull trigger
  • PRICE: 115.19 @ Close Jul 20
  • SUP 1: 114.08/113.03 Low Jul 8 / Low Jun 30
  • SUP 2: 111.72 Low Jun 29 and key near-term support
  • SUP 3: 110.57 Low Jun 21
  • SUP 4: 109.89 Low Jun 16 and the bear trigger

The short-term outlook in Gilt futures remains bullish and pullbacks are considered corrective. Recent gains confirmed a resumption of the bull cycle that started Jun 16 - price cleared resistance at 114.55, the Jun 24 high. A resumption of strength would open 117.48 next, a Fibonacci projection. On the downside, key short-term support has been defined at 111.72, the Jun 29 low. Initial support to watch is 114.08, Jul 8 low.