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(U4) Key Short-Term Resistance Has Been Cleared

GILT TECHS
  • RES 4: 99.25 1.236 proj of the May 29 - Jun 4 - 10 price swing
  • RES 3: 98.89 High May 16 a key resistance
  • RES 2: 98.65 1.00 proj of the May 29 - Jun 4 - 10 price swing
  • RES 1: 98.24 High Jun 13
  • PRICE: 97.90@ Close Jun 13
  • SUP 1: 97.12/96.12 20-day EMA / Low Jun 10 and a key support
  • SUP 2: 95.58 Low May 31
  • SUP 3: 95.33 Low May 29 and the bear trigger
  • SUP 4: 95.00 Round number support

Wednesday’s strong rally in Gilt futures, resulted in a break of resistance 97.86, the Jun 4 high and 98.05, 76.4% of the May 16 - 29 bear cycle. This cancels a recent bearish threat and instead highlights a resumption of the bull cycle that started May 29. A continuation higher would signal scope for a climb towards 98.89, the May 16 high and a key resistance. Initial support lies at 97.20, the 20-day EMA. Key support is at 96.12, the Jun 10 low.

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