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(Z2) Bull Cycle Extends

GILT TECHS
  • RES 4: 109.47 High Aug 31 (cont)
  • RES 3: 108.59 61.8% of the Aug 2 - Oct 12 bear leg (cont)
  • RES 2: 108.00 Round number resistance
  • RES 1: 106.93 0.50 proj of the Oct 12 - Oct 27 - Nov 8 price swing
  • PRICE: 106.52 @ Close Nov 16
  • SUP 1: 104.64 Low Nov 16
  • SUP 2: 102.60 50-day EMA
  • SUP 3: 101.60 Low Nov 9
  • SUP 4: 99.92 Low NOv 8 and key short-term support

Gilt futures remain in a short-term uptrend and this was confirmed once again Wednesday as the contract resumed its uptrend. This marks an extension of the latest bounce from 99.92, the Nov 8 low. Last week’s break of 104.39, Oct 27 high, confirmed a recent bull flag formation on the daily chart, reinforcing bullish conditions. This has opened 108.59, a Fibonacci retracement on the continuation chart. Initial firm support lies at 102.60, the 50-day EMA.

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