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(Z0) Sharp Correction Lower

GILT TECHS
  • RES 4: 137.04 High Sep 21 and a key resistance
  • RES 3: 136.97 High Oct 16 and the bull trigger
  • RES 2: 136.75 High Oct 20
  • RES 1: 136.27 High Oct 21
  • PRICE: 135.95 @ Close Oct 21
  • SUP 1: 135.79 Low Oct 21 / 61.8% retracement of the Oct 7 - 16 rally
  • SUP 2: 135.51 76.4% retracement of the Oct 7 - 16 rally
  • SUP 3: 135.29 Low Oct 9
  • SUP 4: 135.06 Low Oct 7 and the bear trigger

Gilt futures traded sharply lower yesterday as a strong correction unfolds following recent gains between Oct 7 - 16. Price has pulled back as far as 135.79, 61.8% of the recent upleg. A break lower would signal scope for a deeper pullback and open 135.51, the next Fibonacci retracement level. On the upside, initial resistance is at yesterday's high of 136.27. A return above this level would refocus attention on recent highs at 136.97.

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