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(U3) Further Slippage Could Confirm Reversal

  • RES 4: 114-06+ High Jun 6
  • RES 3: 114-00 High Jun 13
  • RES 2: 113-08 High Jul 18
  • RES 1: 113-07+ 50-day EMA and a key resistance point
  • PRICE: 112-06 @ 16:36 BST Jul 20
  • SUP 1: 112-02+ Low Jul 20
  • SUP 2: 111-03+/110-05 Low Jul 11 / 6 and the bear trigger
  • SUP 3: 110-00 Low Nov 9 2022 (cont)
  • SUP 4: 109-14 Low Nov 8 2022 (cont)

Prices turned lower Thursday, erasing the entirety of the mid-week rally and showing through the first notable retracement support at 112-16+. The pullback concludes the run higher off the July low, however may be corrective at these levels, rather than a full reversal. This raises the importance of 111-22+ on an intraday basis. A close below here would signal scope for further losses toward 111-09+ (CPI day low) and the bear trigger further out at 110-05. The key resistance area remains 113-07+ to 113-15, the 50-day EMA and 50-dma respectively.

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