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(Z1) Consolidating Near Recent Lows

GILT TECHS
  • RES 4: 128.18 High Sep 10, 14
  • RES 3: 127.69 High Sep 21 and key near-term resistance
  • RES 2: 126.84 Low Sep 17 and recent breakout level
  • RES 1: 125.89/126.44 High Sep 29 / High Sep 27
  • PRICE: 125.46 @ Close Oct 4
  • SUP 1: 124.83 Low Sep 30
  • SUP 2: 124.64 1.382 proj of the Aug 31 - Sep 17 - 21 price swing
  • SUP 3: 124.19 76.4% retracement of the Oct '18 - Mar '20 upleg
  • SUP 4: 123.79 1.764 proj of the Aug 31 - Sep 17 - 21 price swing

Gilt futures are unchanged and the current bear cycle remains intact. This theme follows recent weakness and tne breach of the 126.84 support, Sep 17 low. The move lower maintains a bearish price sequence of lower lows and lower highs and has opened 124.64 next, a Fibonacci projection. MA conditions are bearish, reinforcing the current trend environment. Firm resistance is at 127.69, Sep 21 high. Initial resistance is 125.89, Sep 29 high.

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