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(Z2) Bearish Outlook

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: 106..88/107.93 High Sep 6 / High Sep 1
  • PRICE: 106.20 @ Close Sep 12
  • SUP 1: 104.67 Low Sep 8
  • SUP 2: 103.87 2.00 projection of the Aug 22 - 24 - 26 price swing
  • SUP 3: 103.05 2.236 projection of the Aug 22 - 24 - 26 price swing
  • SUP 4: 102.54 2.382 projection of the Aug 22 - 24 - 26 price swing

Gilt futures remain vulnerable and the bearish impulsive run that started early August suggests potential for an extension near-term. The breach on Aug 30 of support at 108.94, the Aug 24 low, confirmed a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Attention is on the 103.87, a Fibonacci projection. Initial firm resistance is at 107.93, the Sep 1 high. Gains are considered corrective.

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  • 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: 106..88/107.93 High Sep 6 / High Sep 1
  • PRICE: 106.20 @ Close Sep 12
  • SUP 1: 104.67 Low Sep 8
  • SUP 2: 103.87 2.00 projection of the Aug 22 - 24 - 26 price swing
  • SUP 3: 103.05 2.236 projection of the Aug 22 - 24 - 26 price swing
  • SUP 4: 102.54 2.382 projection of the Aug 22 - 24 - 26 price swing

Gilt futures remain vulnerable and the bearish impulsive run that started early August suggests potential for an extension near-term. The breach on Aug 30 of support at 108.94, the Aug 24 low, confirmed a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Attention is on the 103.87, a Fibonacci projection. Initial firm resistance is at 107.93, the Sep 1 high. Gains are considered corrective.