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(U9) Inverted hammer still valid *RES....>

GILT TECHS
GILT TECHS: (U9) Inverted hammer still valid
*RES 4: 136.45 2.618 projection of Jun 27--Jul 4 rally from Jul 12 low
*RES 3: 135.88 2.382 projection of Jun 27--Jul 4 rally from Jul 12 low
*RES 2: 135.01 Contract high Aug 7 and bull trigger
*RES 1: 134.53 High Aug 9
*PRICE: 134.33 @ Close Aug 12
*SUP 1; 133.73 Low Aug 8
*SUP 2: 133.64 Trendline support drawn off the Jul 12 low
*SUP 3: 132.45 High Jul 4
*SUP 4: 132.00 61.8% of the Jul 12-Aug 7 rally
U9 Gilt recent price action highlights the risk of a correction near-term. An
inverted hammer candle formation on Aug 7 remains valid. This is a strong
bearish signal and is reinforced by momentum conditions that are overbought. Key
short-term support lies at 133.73/64, the Aug 8 low and trendline support. A
break would open up scope for a deeper pullback. 135.01 is the trigger for a
resumption of the bull trend. A break would also offset any bearish threat.

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