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(Z1) Bearish Threat Still Present

GILT TECHS
  • RES 4: 130.72 High Aug 4 and the bull trigger (cont)
  • RES 3: 130.53 High Aug 5 (cont)
  • RES 2: 129.35 High Aug 20 and a key near-term resistance
  • RES 1: 129.05 High Aug 31
  • PRICE: 128.61 @ Close Sep 2
  • SUP 1: 128.03 Low Jul 6 (cont)
  • SUP 2: 127.65 61.8% retracement of the Jun 3 - Aug rally (cont)
  • SUP 3: 127.50 Low Jun 28 (cont)
  • SUP 4: 127.25 Low Jun 23 (cont)

Gilt futures this week confirmed a break of support at 128.33, Aug 12 low and traded below 128.24, the Aug 12 low. Despite a recovery, the break lower strengthens a bearish case and signals scope for an extension. Note too that the contract has cleared the 50-day EMA on the continuation chart. The focus is on weakness towards 128.03, Jul 6 low (cont). Key near-term resistance has been defined at 129.05, Aug 31 high.

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