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(U4) Bullish Theme Remains Intact

GILT TECHS
  • RES 4: 100.21 1.50 proj of the May 29 - Jun 4 - 10 price swing
  • RES 3: 100.00 Psychological round number
  • RES 2: 99.62 1.382 proj of the May 29 - Jun 4 - 10 price swing
  • RES 1: 99.25 1.236 proj of the May 29 - Jun 4 - 10 price swing
  • PRICE: 98.49 @ Close Jun 24
  • SUP 1: 98.21 Low Jun 14 / 17
  • SUP 2: 97.89/96.84 20-day EMA / Low Jun 12
  • SUP 3: 96.12 Low Jun 10 and a key support
  • SUP 4: 95.58 Low May 31

Gilt futures remain bullish and price is trading closer to its latest highs. Recent gains resulted in a break of 97.86, the Jun 4 high and 98.05, 76.4% of the May 16 - 29 bear cycle. This highlights a resumption of the bull cycle that started May 29. Note too that resistance at 98.89, the May 16 high, has been pierced. A clear break of it would reinforce bullish conditions. Sights are on 99.25, a Fibonacci projection. Initial firm support is 97.89, the 20-day EMA.

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