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Free Access(Z0) Pullback Likely A Correction
- 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: 137.05 76.4% retracement of the Aug 4 - 28 decline
- PRICE: 136.36@ Close Sep 22
- SUP 1: 136.18 Low Sep 22
- SUP 2: 135.93 Low Sep 17 and key near-term support
- SUP 3: 135.70 Low Sep 10
- SUP 4: 135.31 Low Sep 7 and the reversal trigger
Gilts reversed course yesterday following Monday's resumption of the uptrend. A bullish theme remains in place and yesterday's setback is likely a correction. Futures cleared resistance Monday at 136.87, Sep17 high. The climb paves the way for an extension of the current uptrend and the focus is on 137.05, a Fibonacci retracement. A break of this level would open 137.89 further out, Aug 4 high. Firm support is at 135.93, Sep 17 low.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.