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(U3) Key Support Remains Exposed

  • RES 4: 96.19/81 High Jul 31 / 27
  • RES 3: 95.82 High Aug 10 and key short-term resistance
  • RES 2: 94.51 20-day EMA
  • RES 1: 93.70 Low Aug 4 and a recent breakout level
  • PRICE: 92.48 @ Close Aug 16
  • SUP 1: 92.13 Low Aug 15
  • SUP 2: 92.09 Low Jul 7 and a key support
  • SUP 3: 92.00 Round number support
  • SUP 4: 91.68 1.00 proj of the Jul 19 - Aug 4 - Aug 10 price swing

A bearish theme in Gilt futures remains intact and last Friday’s sharp sell-off plus this week’s extension, reinforces this condition. The contract has traded through support at 93.70, the Aug 4 low and a bear trigger. The break marks a continuation of the bear cycle that started Jul 19 and opens 92.09 next, the Jul 7 low and a key support. Key short-term resistance has been defined at 95.82, the Aug 10 high. Initial resistance is at 93.70.

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