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(U3) Support Remains Exposed

GILT TECHS
  • RES 4: 97.64 High Jun 1 and the reversal trigger
  • RES 3: 97.43 High Jun 2
  • RES 2: 96.34/97.00 High Jun 27 / 23
  • RES 1: 95.52 20-day EMA
  • PRICE: 94.33 @ Close Jul 5
  • SUP 1: 94.11/93.88 Low Jul 5 / 20 and the bear trigger
  • SUP 2: 93.45 1.618 proj of the Feb 2 - 28 - Mar 20 price swing (cont)
  • SUP 3: 93.00 Round number support
  • SUP 4: 92.66 Low Oct 14 2022 (cont)

Gilt futures remain soft following the recent move lower with price trading below 97.00, the Jun 23 high. The contract weakened again yesterday, reinforcing bearish conditions and the focus is on key support at 93.88, the Jun 20 low. A break would confirm a resumption of the downtrend. On the upside, a fresh recovery would expose key resistance at 97.64, the Jun 1 high. 97.00 is the bull trigger. Initial resistance is at 95.52, the 20-day EMA.

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