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(Z1) Bullish Outlook

GILT TECHS
  • RES 4: 128.18 High Sep 10 and 14
  • RES 3: 127.95 76.4% retracement of the Aug - Oct downleg
  • RES 2: 127.69 High Sep 21
  • RES 1: 127.29 High Nov 9 and the bull trigger
  • PRICE: 126.29 @ Close Nov 22
  • SUP 1: 125.40 Low Nov 17
  • SUP 2: 124.79/25 Low Nov 4 / Low Nov 1
  • SUP 3: 123.43 Low Oct 21 and the bear trigger
  • SUP 4: 123.16 Low Feb 27, 2019 (cont)

The near-term outlook in Gilt futures remains bullish and the recent pullback between Nov 9 - 17 is considered corrective. A double bottom reversal confirmed on Oct 27 and a bullish price sequence of higher highs and higher lows that has been established highlights the current bullish condition. A resumption of strength would refocus attention on 127.69 next, Sep 21 high. Initial firm support has been defined at 125.40, the Nov 17 low.

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