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(Z0) Eyeing The Next Retracement Level

GILT TECHS
  • RES 4: 137-51 High Aug 6
  • RES 3: 137.31 High Aug 10
  • RES 2: 137.05 76.4% retracement of the Aug 4 - 28 decline
  • RES 1: 136.87 High Sep 17
  • PRICE: 136.59 @ Close Sep 18
  • SUP 1: 135.93 Low Sep 17
  • SUP 2: 135.70 Low Sep 10 and key near-term support
  • SUP 3: 135.31 Low Sep 7
  • SUP 4: 134.32 Low Aug 28 and major support

Gilts defined initial support last week at 135.93, Sep 17 low. The outlook remains bullish and attention is on further gains with the focus on 137.05, a Fibonacci retracement. A break of this level would open 137.89 further out, Aug 4 high. On the downside, key support is at 135.70 Sep 10 low and weakness below this level would instead highlight a potential bearish threat and expose a deeper decline.

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