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(Z1) Short-Term Trend Needle Points North

GILT TECHS
  • RES 4: 128.18 High Sep 10 and 14
  • RES 3: 127.95 76.4% retracement of the Aug - Oct downleg
  • RES 2: 127.69 High Sep 21
  • RES 1: 127.29 High Nov 9
  • PRICE: 127.19 @ Close Nov 9
  • SUP 1: 125.92 50-day EMA
  • SUP 2: 124.79/25 Low Nov 4 / Low Nov 1
  • SUP 3: 123.43 Low Oct 21 and the bear trigger
  • SUP 4: 123.16 Low Feb 27, 2019 (cont)

Gilt futures maintain a short-term bullish tone. Last week's rally reinforced a recent bullish signal that highlighted a reversal - the break and close above 125.27, Oct 14 high confirmed a double bottom reversal pattern on Oct 27. With a number of important short-term resistance levels cleared, attention is on 127.69 next, Sep 21 high. Initial key support has been defined at 124.25, Nov 1 low. First support though is at 125.92, the 50-day EMA.

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