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(U3) Remains Below Its Recent Highs

GILT TECHS
  • RES 4: 98.80 High May 22
  • RES 3: 98.00 Round number resistance
  • RES 2: 97.64 High Jun 1 and key short-term resistance
  • RES 1: 97.06 High Jun 6
  • PRICE: 96.39 @ Close Jun 9
  • SUP 1: 95.55 Low Jun 8
  • SUP 2: 95.52 61.8% of the May 26 - Jun 1 rally
  • SUP 3: 94.91/21 Low May 30
  • SUP 4: 94.21 Low May 26 and the bear trigger

Gilt futures remain below its recent highs. The recovery from 94.21, the May 26 low, allowed an oversold condition to unwind. The move higher is considered corrective and the trend direction remains down. Moving average studies are in a bear-mode position highlighting a bear cycle. A continuation lower would open the 94.00 handle next. The bear trigger is 94.21, the May 26 low. Initial firm resistance to watch is at 97.64, the Jun 1 high.

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