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(Z1) Bear Trend Extension

GILT TECHS
  • RES 4: 126.84 Low Sep 17
  • RES 3: 126.44 High Sep 24
  • RES 2: 125.72/75 High Oct 1 / 20-day EMA
  • RES 1: 124.05/125.19 Low Oct 6 / High Oct 7
  • PRICE: 123.75 @ Close Oct 11
  • SUP 1: 123.44 Low Oct 11
  • SUP 2: 123.16 Low Feb 27, 2019 (cont)
  • SUP 3: 122.75 2.236 proj of the Aug 31 - Sep 17 - 21 price swing
  • SUP 4: 122.15 Low Jan 18, 2019 (cont)

Gilt futures remain heavy and the contract gapped lower yesterday. The break to fresh lows confirms a resumption of the bear trend and an extension of the current bearish price sequence of lower lows and lower highs. Moving average studies continue to point south, reinforcing current conditions. The focus is on 123.16 next, the Feb 27, 2019 low (cont). Firm resistance is seen at 125.19, Oct 7 high.

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