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Free Access(Z1) Pullback Holds Above Initial Support
- RES 4: 127.09 61.8% retracement of the Aug - Oct downleg
- RES 3: 126.84 Low Sep 17
- RES 2: 126.39 50.0% retracement of the Aug - Oct downleg
- RES 1: 125.87 High Oct 27
- PRICE: 124.92 @ Close Oct 29
- SUP 1: 124.55 Low Oct 27
- SUP 2: 123.43 Low Oct 21 and the bear trigger
- SUP 3: 123.16 Low Feb 27, 2019 (cont)
- SUP 4: 122.75 2.236 proj of the Aug 31 - Sep 17 - 21 price swing
Gilt futures rallied Oct 27 signalling a short-term reversal. In pattern terms, Wednesday's breach of 125.27, Oct 14 high highlights a double bottom reversal. The close above 125.27 confirmed this pattern and sets the scene for an extension higher near-term above 126.00 towards 126.39, a retracement level. Initial support is at 124.55. Key trend support has been defined at 123.43, Oct 21 low.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.