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(U2) Trend Needle Points South

GILT TECHS
  • RES 4: 119.25 High May 19
  • RES 3: 118.63 High May 24 and key near-term resistance
  • RES 2: 118.51 High May 26
  • RES 1: 117.49 High May 31
  • PRICE: 115.80 @ Close Jun 1
  • SUP 1: 115.51 Low Jun 1
  • SUP 2: 115.54 1.50 proj of the May 19 - 24 - 26 price swing
  • SUP 3: 115.31 1.618 proj of the May 19 - 24 - 26 price swing
  • SUP 4: 115.00 Round number support

Gilt futures traded sharply lower last week to extend the pullback from its recent highs in May. The contract has traded below its key near-term support of 115.70, the May 9 low and a bear trigger. The primary trend direction remains down and a clear break of 115.70 would confirm a resumption of the bear current cycle. This would open the 115.00 handle next. Initial resistance is seen at 117.49, May 31 high.

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