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(U3) Trend Condition Remains Bearish

GILT TECHS
  • RES 4: 98.00 Round number resistance
  • RES 3: 97.78 High May 23
  • RES 2: 96.62 High May 24
  • RES 1: 96.14 High May 25
  • PRICE: 95.97 @ Close May 30
  • SUP 1: 94.21 Low May 26
  • SUP 2: 94.00 Round number support
  • SUP 3: 93.45 1.618 projection of the Feb 2 - 28 - Mar 20 swing (cont)
  • SUP 4: 92.66 Low Oct 14 2022 (cont)

Gilt futures remain in a bear mode position and last week’s extension lower reinforces current conditions. Moving average studies are in a bear-mode position highlighting a downtrend and recently, on the continuation chart, price has cleared a number of key support levels. The focus is on the 94.00 handle next. Initial resistance is seen at 96.14, the May 25 high. Short-term gains would be considered corrective.

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