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(U3) Trading Closer To Its Recent Highs

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: 97.84 High Jul 19 and the bull trigger
  • PRICE: 96.61 @ Close Jul 21
  • SUP 1: 96.11 Low Jul 21
  • 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 maintain a bullish theme and the contract is trading closer to its recent highs. Last week’s break of resistance at 97.00, the Jun 23 high, and clearance of the 50-dma on the continuation chart, reinforce current positive conditions. A resumption of the uptrend would signal scope for gain towards 99.71, a Fibonacci retracement point. Initial firm support to watch lies at 94.58, the Jul 17 low.

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