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(Z1) Slide Extends

GILT TECHS
  • RES 4: 128.18 High Sep 10, 14
  • RES 3: 127.69 High Sep 21 and key near-term resistance
  • RES 2: 126.84 Low Sep 17 and recent breakout level
  • RES 1: 126.44 High Sep 27
  • PRICE: 125.61 @ 09:54 Sep 28
  • SUP 1: 125.44 Intraday low
  • SUP 2: 125.96 1.236 proj of the Aug 31 - Sep 17 - 21 price swing
  • SUP 3: 124.64 1.382 proj of the Aug 31 - Sep 17 - 21 price swing
  • SUP 4: 124.19 76.4% retracement of the Oct '18 - Mar '20 upleg

Gilt futures traded sharply lower again today as the current bear cycle extends. The outlook remains bearish following last week's sell-off and break of support at 126.84, Sep 17 low. The move lower confirmed a resumption of the downtrend and has opened 124.96 next, a Fibonacci projection. Firm resistance is at 127.69, Sep 21 high. A break of this level is required to ease bearish pressure. Initial resistance is seen at 126.44.

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