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(U3) Corrective Bounce

GILT TECHS
  • RES 4: 98.00 Round number resistance
  • RES 3: 97.78 High May 23
  • RES 2: 97.58 Low May 19
  • RES 1: 97.01 High May 31
  • PRICE: 96.79 @ Close May 31
  • SUP 1: 94.91/21 Low May 30 / 26 and the bear trigger
  • SUP 2: 94.00 Round number support
  • SUP 3: 93.45 1.618 projection of the Feb 2 - 28 - Mar 20 swing (cont)
  • SUP 4: 92.66 Low Oct 14 2022 (cont)

Gilt futures remain in a bear mode position, however, price has recovered from last week’s low. The move higher is considered corrective and the trend condition remains bearish. Moving average studies are in a bear-mode position highlighting a downtrend. The focus is on the 94.00 handle next. Initial resistance is at yesterday’s high of 97.01 and the bear trigger is 94.21, the May 26 low.

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