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(Z1) Extension Lower

GILT TECHS
  • RES 4: 129.05 High Aug 31
  • RES 3: 128.77 High Sep 3
  • RES 2: 128.42 High Sep 7
  • RES 1: 128.18 High Sep 10, 14 and key near-term resistance
  • PRICE: 127.38 @ Close Sep 16
  • SUP 1: 127.15 Low Sep 16
  • SUP 2: 127.09 1.764 proj of the Aug 20 - 26 - 31 price swing
  • SUP 3: 126.91 Low Jun 17 (cont)
  • SUP 4: 126.83 2.00 proj of the Aug 20 - 26 - 31 price swing

Gilt futures traded sharply lower yesterday confirming a resumption of the current bear cycle. The outlook remains bearish with a price sequence of lower lows and lower highs intact. The focus is on 127.09 next, a Fibonacci projection ahead of the 127.00 handle. Key near-term resistance has been defined 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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