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(Z0) Retracement Lower Extends

GILT TECHS
  • RES 4: 137.31 High Aug 10
  • RES 3: 137.04/05 High Sep 21 / 76.4% of the Aug 4 - 28 decline
  • RES 2: 136.60 High Sep 30 and the near-term bull trigger
  • RES 1: 136.19 High Oct 1
  • PRICE: 135.37 @ Close Oct 5
  • SUP 1: 135.23 Low Oct 5
  • SUP 2: 134.96 76.4% retracement of the Aug 28 - Sep 28 rally
  • SUP 3: 134.59 Low Sep 1
  • SUP 4: 134.32 Low Aug 28 and a key support

Gilts futures have started the week on a softer note trading sharply lower Monday. The contract has breached support at 135.32, Oct 1 low paving the way for a deeper retracement towards 134.96 next, a Fibonacci retracement. An extension lower would also expose primary support at 134.32, Aug 28 low. On the upside, initial resistance is seen at 136.19, Oct 2 high. A break of this hurdle would ease the current bearish pressure.

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