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(Z2) Bear Cycle Extends

GILT TECHS
  • RES 4: 112.43 High Aug 22
  • RES 3: 111.54 High Aug 23
  • RES 2: 109.47/110.85 High Aug 31 / 26 and key near-term resistance
  • RES 1: 107.93 High Sep 1
  • PRICE: 106.79 @ Close Sep 5
  • SUP 1: 106.03 1.382 projection of the Aug 22 - 24 - 26 price swing
  • SUP 2: 105.62 1.50 projection of the Aug 22 - 24 - 26 price swing
  • SUP 3: 105.00 round number support
  • SUP 4: 104.69 1.764 projection of the Aug 22 - 24 - 26 price swing

Gilt futures remain vulnerable and the bearish impulsive run that started early August, remains intact as price trades to fresh trend lows. The breach last week of support at 108.94, the Aug 24 low, confirmed a resumption of the downtrend and this also resulted in a print below the 107.00 handle. Attention is on 106.03 next, a Fibonacci projection. Firm short-term resistance has been defined at 110.85, the Aug 26 high.

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