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(U2) Trades Through Support

GILT TECHS
  • RES 4: 120.00 Round number resistance
  • RES 3: 119.25 High May 19
  • RES 2: 118.63 High May 24 and key near-term resistance
  • RES 1: 118.51 High May 26
  • PRICE: 117.25 @ Close of May 30
  • SUP 1: 117.04 Low May 30
  • SUP 2: 116.53 1.00 proj of the May 19 - 24 - 26 price swing
  • SUP 3: 115.70 Low May 9 and the bear trigger
  • SUP 4: 115.50 1.00 proj of the May 19 - 24 - 26 price swing

Gilt futures traded below initial support Monday. The primary trend direction remains down and the pullback from recent highs is a bearish development that suggests the correction between May 9 - 12 is over. Attention is on the key support and bear trigger at 115.70 May 9 low. Key short-term resistance has been defined at 118.63, May 24 high, where a break is required to reinstate a short-term bullish bullish theme.

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