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(U4) Trendline Support Remains Intact For Now

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: 98.54/99.25 High Jun 26 / 1.236 proj May 29-Jun 4-10 swing
  • PRICE: 97.57 @ Close Jun 28
  • SUP 1: 97.60/54 Trendline drawn from the May 29 low / Low Jun 28
  • SUP 2: 96.84 Low Jun 12
  • SUP 3: 96.12 Low Jun 10 and a key support
  • SUP 4: 95.58 Low May 31

A pullback in Gilt futures is considered corrective - for now. MA studies are in a bull-mode set-up and recent gains resulted in a break of 97.86, Jun 4 high and 98.05, 76.4% of the May 16 - 29 bear cycle. This highlights a resumption of the uptrend that started May 29. Note too that 98.89, the May 16 high, has been pierced. A clear break of it would reinforce bullish conditions. Support to watch lies at 97.60, a trendline. A clear break of it would alter the picture.

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