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(U3) Short-Term Recovery Extends

GILT TECHS
  • RES 4: 96.19 High Jun 29
  • RES 3: 96.00 Round number resistance
  • RES 2: 95.55 High Jul 3 and a key near-term resistance
  • RES 1: 95.50 High Jul 14
  • PRICE: 94.84 @ 08:17 BST Jul 17
  • SUP 1: 92.82/09 Low Jul 12 / Low Jul 7 and the bear trigger
  • SUP 2: 92.00 Round number support
  • SUP 3: 91.80 1.382 proj of the Jun 1 - 20 - 23 price swing (cont)
  • SUP 4: 91.36 1.50 proj of the Jun 1 - 20 - 23 price swing (cont)

The Gilt futures trend needle continues to point south, however, a corrective cycle has resulted in a short-term recovery. The contract has traded above the 20-day EMA, at 94.55. A continuation higher would signal scope for a climb towards a key short-term resistance at 95.55, the Jul 3 high. On the downside, a reversal lower would refocus attention on 92.09, the Jul 7 low and bear trigger.

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