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(Z0) Strong Candle Highlights Shift In Sentiment

GILT TECHS
  • RES 4: 136.97 High Oct 16 and the bull trigger
  • RES 3: 136.38 Low Oct 20 and a gap high on the daily chart
  • RES 2: 136.27 High Oct 21 and a gap low on the daily chart
  • RES 1: 136.06 High Oct 27
  • PRICE: 135.94 @ Close Oct 27
  • SUP 1: 135.34 Low Oct 27
  • SUP 2: 135.04 Low Oct 23 and the near-term bear trigger
  • SUP 3: 134.59 Low Sep 1
  • SUP 4: 134.32 Low Aug 28 and a key support

Strong gains yesterday in Gilt futures provide early evidence the recent sell-off may have found a base. The climb has extended the recovery off 135.04, Oct 23 low and a key short-term support. The strong bullish candle yesterday suggests sentiment has improved and, if correct signals scope for a climb towards 136.27 next, the Oct 21 high and a gap low on the daily chart. On the downside, sub 135.04 level would resume the downtrend.

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