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Free Access(U2) Trades Through Trendline Support
- 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: 118.10 High Aug 10
- PRICE: 116.42 @ Close Aug 10
- SUP 1: 116.04 38.2% retracement of the Jun 16 - Aug 2 upleg
- 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 traded lower Thursday and in the process managed to break support 116.79, trendline support drawn from the Jun 16 low. The current pullback is still considered corrective and the trend outlook remains bullish. A deeper retracement though would expose 116.04 next, a Fibonacci retracement. On the upside, initial resistance has been defined at 118.10, the Aug 10 high. A break would highlight a possible bullish reversal.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.