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(Z0) Focus Is On Resistance

GILT TECHS
  • RES 4: 137.89 High Aug 4 and major resistance
  • RES 3: 137-51 High Aug 6
  • RES 2: 137.31 High Aug 10
  • RES 1: 137.04/05 High Sep 21 / 76.4% of the Aug 4 - 28 decline
  • PRICE: 136.56 @ Close Sep 29
  • SUP 1: 135.93 Low Sep 17 and key near-term support
  • SUP 2: 135.70 Low Sep 10
  • SUP 3: 135.31 Low Sep 7 and the reversal trigger
  • SUP 4: 134.96 76.4% retracement of the Aug 28 - Sep 28 rally

Gilts traded higher yesterday but remain below recent highs. The outlook remains bullish though. Futures have recently found support at 136.00, Sep 23 low. The contract is also holding above 135.93, Sep 17 low and 135.70, Sep 10 low. A clear breach of the 135.93-70 zone would undermine the current bullish theme and signal scope for a deeper pullback towards 135.31, Sep 7 low. Key resistance is 137.04/05, a break resumes the uptrend.

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