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(U3) Trades through Support

GILT TECHS
  • RES 4: 98.80 High May 22
  • RES 3: 98.00 Round number resistance
  • RES 2: 97.91 38.2% retracement of the Mar-Jul downleg (cont)
  • RES 1: 96.81/97.84 High Jul 27 / 19 and the bull trigger
  • PRICE: 96.03 @ Close Jul 27
  • SUP 1: 95.64 20-day EMA
  • SUP 2: 95.20 Low Jul 18
  • SUP 3: 94.58 Low Jul 17 and a key near-term support
  • SUP 4: 94.20 Low Jul 13

Gilt futures traded lower yesterday and breached first support at 96.11, the Jul 21 low. This highlights a potential bearish threat and attention is on support at the 20-day EMA, at 95.64. A breach of this average would signal scope for a deeper pullback, potentially towards 95.20, the Jul 18 low and 94.58, the Jul 17 low. On the upside, key short-term resistance is unchanged at 97.84, the high on Jul 19. A break would resume the uptrend.

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