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(U3) Bearish Outlook

GILT TECHS
  • RES 4: 98.80 High May 22
  • RES 3: 98.00 Round number resistance
  • RES 2: 97.64 High Jun 1 and key short-term resistance
  • RES 1: 96.63/97.06 High Jun 9 / 6
  • PRICE: 95.43 @ Close Jun 12
  • SUP 1: 95.10 Low Jun 12
  • SUP 2: 95.02 76.4% of the May 26 - Jun 1 rally
  • SUP 3: 94.91/21 Low May 30 / May 26 and the bear trigger
  • SUP 4: 94.00 Round number support

Gilt futures remain below its recent highs and a bearish theme is intact. Yesterday’s move lower reinforces current conditions. Note too that moving average studies are in a bear-mode position highlighting a downward trendline market. The bear trigger is 94.21, the May 26 low. Clearance of this level would open the 94.00 handle next. Key short-term resistance to watch is 97.64, the Jun 1 high.

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