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(U3) Corrective Bounce

GILT TECHS
  • RES 4: 96.19 High Jul 31
  • RES 3: 95.82 High Aug 10 and key short-term resistance
  • RES 2: 94.86 50-day EMA
  • RES 1: 94.26 Round number resistance
  • PRICE: 94.02 @ Close Aug 24
  • SUP 1: 92.38/91.19 Low Aug 23 / Low Aug 17 and the bear trigger
  • SUP 2: 90.70 1.236 proj of the Jul 19 - Aug 4 - Aug 10 price swing
  • SUP 3: 90.38 Low Oct 12 2022 (cont) and a major support
  • SUP 4: 90.10 1.382 proj of the Jul 19 - Aug 4 - Aug 10 price swing

A bearish theme in Gilt futures remains intact, however, a strong rally yesterday suggests the contract remains in a short-term corrective cycle. Price has traded through the 20-day EMA. A continuation higher would signal scope for a stronger recovery and open 94.86, the 50-day EMA. Moving average studies continue to highlight a downtrend, the bear trigger has been defined at 91.19, the Aug 17 low.

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