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(Z1) Resumes Its Downtrend

GILT TECHS
  • RES 4: 126.84 Low Sep 17
  • RES 3: 125.96 20-day EMA
  • RES 2: 125.72 High Oct 1 and key near-term resistance
  • RES 1: 125.19 High Oct 7
  • PRICE: 124.00@ Close Oct 8
  • SUP 1: 123.79 1.764 of Aug 31 - Sep 17 - 21 swing
  • SUP 2: 123.16 Low Feb 27, 2019 (cont)
  • SUP 3: 122.75 2.236 proj of the Aug 31 - Sep 17 - 21 price swing
  • SUP 4: 122.15 Low Jan 18, 2019 (cont)

Gilt futures remain heavy and traded lower again Friday. The move lower confirms a resumption of the bear trend and an extension of the current bearish price sequence of lower lows and lower highs. Moving average studies continue to point south, reinforcing current conditions. The focus is on 123.79 next, a Fibonacci projection. Firm resistance is seen at 125.72, Oct 1 high.

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