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(U3) Bears Remain In The Driver’s Seat

  • RES 4: 96.19 High Jun 29
  • RES 3: 95.55 High Jul 3
  • RES 2: 94.60 20-day EMA
  • RES 1: 93.88 Low Jun 20 and a key breakout level
  • PRICE: 92.65 @ Close Jul 11
  • SUP 1: 92.09 Low Jul 7
  • SUP 2: 92.00 Round number support
  • SUP 3: 91.80 1.382 proj of the Jun 1 - 20 - 23 price swing (cont)
  • SUP 4: 91.36 1.50 proj of the Jun 1 - 20 - 23 price swing (cont)

The Gilt futures trend needle continues to point south. Last week’s break lower reinforces bearish conditions and the contract has cleared key support at 93.88, the Jun 20 low, confirming a resumption of the downtrend and maintaining the bearish price sequence of lower lows and lower highs. This signals scope for a move to 91.80 next, a Fibonacci projection. Initial firm resistance is 93.88. A break of this level is required to ease bearish pressure.

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