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(Z0) Trades Through Last Weeks High

GILT TECHS
  • RES 4: 137-05 76.4% retracement of the Aug 4 - 28 decline
  • RES 3: 136.71 Low Aug 10
  • RES 2: 136.53 61.8% retracement of the Aug 4 - 28 decline
  • RES 1: 136.43 Aug 24 high
  • PRICE: 136.36 @ 12:57 BST Sep 8
  • SUP 1: 135.73 Intraday low
  • SUP 2: 135.31 Low Sep 7 and key near-term support
  • SUP 3: 135.32 Low Sep 2
  • SUP 4: 134.32 Low Aug 28

A strong rally in Gilts today has seen futures trade through last week's high of 136.13. This confirms a resumption of the uptrend that started on Aug 28. The move higher also reinforces the significance of last week's breach of trendline resistance, drawn off the Aug 4 high, and strengthens the current bullish argument. Attention is on 136.43, Aug 24 high and 136.53, a Fibonacci retracement. Key support has been defined at 135.31.

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