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Key Support Remains Exposed


Pullback Extends, But Still Looks Corrective in Nature


FED Remains in Play Post-NFP/ISM Data

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(Z2) Corrective Cycle Still In Play

  • RES 4: 105.34 High Sep 22
  • RES 3: 102.45 High Sep 23
  • RES 2: 100.92 High Oct 4 and a key resistance
  • RES 1: 100.53 High Oct 20
  • PRICE: 98.94 @ Close Oct 20
  • SUP 1: 94.82/92.66 Low Oct 17 / 14
  • SUP 2: 90.99/90.38 Low Sep 28 / Low Oct 12 and the bear trigger
  • SUP 3: 90.00 Psychological round number
  • SUP 4: 88.94 2.764 proj of the May 12 - Jun 16 - Aug 2 swing (cont)

The primary trend direction in Gilt futures is down. However, a corrective cycle remains in play and yesterday’s move higher once again reinforced the short-term bullish theme. Price has cleared and closed above the 20-day EMA. A continuation higher would signal scope for a test of key resistance at 100.92, the Oct 4 high. On the downside, 90.38, the Oct 12 low, marks key support and is the bear trigger.

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