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(Z0) Clears Key Supports

GILT TECHS
  • RES 4: 136.69 High Nov 5
  • RES 3: 135.97 High Nov 9
  • RES 2: 135.34 Low Oct 27
  • RES 1: 135.04 Low Oct 23 and a recent breakout level
  • PRICE: 134.27 @ Close Nov 9
  • SUP 1: 134.04 Low Nov 9
  • SUP 2: 133.79 1.50 proj of Oct 16 - 23 sell-off from Nov 5 high
  • SUP 3: 135.55 61.8% retracement of the Mar - May rally (cont)
  • SUP 4: 133.29 1.76 proj of Oct 16 - 23 sell-off from Nov 5 high

Gilts sold off sharply yesterday clearing a number of key support levels in the process. Most importantly, price traded through support at 135.04, low Oct 23 and through 134.32, Aug 28 low. The move through the latter level confirms a resumption of the broader downleg that has been in place since early August. This paves the way for further weakness towards 134.02 and 133.79 next, both Fibonacci extensions. On the upside, firm resistance is at 135.04.

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