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(U3) Corrective Cycle Still In Play

GILT TECHS
  • RES 4: 96.81 High Juul 27
  • RES 3: 96.27 76.4% retracement of the Jul 19 - Aug 17 bear leg
  • RES 2: 95.82 High Aug 10 and key short-term resistance
  • RES 1: 94.95 High Aug 24
  • PRICE: 94.60 @ Close Aug 24
  • SUP 1: 93.73 20-day EMA
  • SUP 2: 92.38/91.19 Low Aug 23 / Low Aug 17 and the bear trigger
  • SUP 3: 90.70 1.236 proj of the Jul 19 - Aug 4 - Aug 10 price swing
  • SUP 4: 90.38 Low Oct 12 2022 (cont) and a major support

A bearish theme in Gilt futures remains intact, however, a strong rally this week suggests the contract remains in a short-term corrective cycle. Price has traded through the 20-day EMA. Yesterday’s gain resulted in a test of the 50-day EMA, at 94.85. A break would strengthen bullish conditions. MA studies continue to highlight a downtrend. The bear trigger has been defined at 91.19, the Aug 17 low. Initial support to watch lies at 92.38, the Aug 23 low.

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