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(Z1) Corrective Bounce

GILT TECHS
  • RES 4: 128.77 High Sep 3
  • RES 3: 128.42 High Sep 7
  • RES 2: 128.18 High Sep 10, 14 and key near-term resistance
  • RES 1: 127.69 High Sep 21
  • PRICE: 127.50 @ Close Sep 22
  • SUP 1: 126.83 2.00 proj of the Aug 20 - 26 - 31 price swing
  • SUP 2: 126.70 Low Jun 3 and a key support
  • SUP 3: 126.57 2.236 proj of the Aug 20 - 26 - 31 price swing
  • SUP 4: 126.41 2.382 proj of the Aug 20 - 26 - 31 price swing

Gilt futures continue to trade above recent lows. A bearish theme however remains intact following last week's move lower. A price sequence of lower lows and lower highs highlights the current trend condition and the focus is on 126.83 next, a Fibonacci projection ahead of 126.70, Jun 3 low (cont) and a key support Key near-term resistance is at 128.18, Sep 10 and 14 high. A break of this level is required to ease the current bearish pressure.

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