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(Z0) Focus Is On The EMA Resistance Zone

GILT TECHS
  • RES 4: 136.24 High Nov 6
  • RES 3: 135.97 High Nov 9 and a key resistance
  • RES 2: 135.52 50-day EMA
  • RES 1: 135.27 High Nov 20 and 23
  • PRICE: 134.93 @ Close Nov 24
  • SUP 1: 134.55 Low Nov 17
  • SUP 2: 134.21/133.60 Low Nov 16 / Low Nov 11 and the bear trigger
  • SUP 3: 133.57 1.618 proj of Oct 16 - 23 sell-off from Nov 5 high
  • SUP 4: 135.55 61.8% retracement of the Mar - May rally (cont)

Gilt futures have defined a near-term resistance at 135.27, High Nov 20 and 23. Price has most recently tested a key band of resistance highlighted by the 20- and 50-day EMAs. A breach of this zone - confirmed by a break of 135.55, the 50-day EMA - would highlight a stronger near-term bullish structure. On the downside, a move below 134.21, low Nov 16 is required to reinstate a bearish focus. This would open 133.60, Nov 11 low.

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