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Pullback Considered Corrective


Corrective Cycle


Corrective Bounce


Short-Term Trend Needle Points South

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(Z1) Trades Through Key Short-Term Support

  • RES 4: 127.95 76.4% retracement of the Aug - Oct downleg
  • RES 3: 127.69 High Sep 21
  • RES 2: 127.02/29 High Nov 22 / High Nov 9 and the bull trigger
  • RES 1: 126.24 High Nov 23
  • PRICE: 125.46 @ Close Nov 24
  • SUP 1: 125.21 Low Nov 24
  • 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 traded lower yesterday and in the process breached the key near-term support at 125.40, Nov 17 low. This undermines the recent bearish theme and highlights the potential risk of a deeper sell-off. An extension of the pullback would expose 124.25, the Nov 1 low. On the upside a recovery above Tuesday's high of 126.24 would ease bearish concerns. The key resistance zone though is at 127.02/29.

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