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(U3) Bear Threat Remains Present

GILT TECHS
  • RES 4: 98.00 Round number resistance
  • RES 3: 97.91 38.2% retracement of the Mar-Jul downleg (cont)
  • RES 2: 96.81/97.84 High Jul 27 / 19 and the bull trigger
  • RES 1: 96.07 High Jul 28
  • PRICE: 95.94 @ Close Jul 28
  • SUP 1: 95.11 Low Jul 28
  • SUP 2: 94.96 50.0% retracement of the Jul 7 - 19 rally
  • SUP 3: 94.58 Low Jul 17 and a key near-term support
  • SUP 4: 94.20 Low Jul 13

Gilt futures traded lower late last week and breached first support at 96.11, the Jul 21 low. This highlights a bearish threat and note that the 20-day EMA, at 95.67, has also been breached. This signals scope for a deeper pullback, potentially towards 94.58, the Jul 17 low. On the upside, key short-term resistance is unchanged at 97.84, the high on Jul 19. A break is required to resume the uptrend. Initial firm resistance is at 96.81, the Jul 27 high.

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