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(U2) Trend Needle Still Points North

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
  • PRICE: 115.95 @ Close Jul 6
  • SUP 1: 114.28/113.03 20-day EMA / 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

Gilt futures outlook remains bullish. Gains last week confirmed a resumption of the bull cycle that started Jun 16 - price has cleared resistance at 114.55, the Jun 24 high. Last Friday’s rally also signals an acceleration of the current uptrend and the contract has crossed the 116.00 handle. This opens 117.48 next, a Fibonacci projection. On the downside, key short-term support has been defined at 111.72, the Jun 29 low.

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