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(U4) Holding On To Recent Gains

GILT TECHS
  • RES 4: 98.89 High May 16 a key resistance
  • RES 3: 98.25 High May 21
  • RES 2: 98.04 76.4% retracement of the May 16 - 29 bear cycle
  • RES 1: 97.86 High Jun 4
  • PRICE: 97.71 @ Close Jun 6
  • SUP 1: 97.08 Low Jun 4
  • SUP 2: 96.26 Low Jun 3
  • SUP 3: 95.33 Low May 29 and the bear trigger
  • SUP 4: 95.00 Round number support

Gilt futures have traded higher this week and the contract is holding on to its gains. For now, the recent climb is considered corrective. The next resistance to watch is 98.04, a Fibonacci retracement point. A clear break of this handle would strengthen the current bull phase and signal scope for a climb towards 98.89, the May 16 high. A reversal lower would refocus attention on key support at 95.33, the May 29 low.

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