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(Z2) Downtrend Accelerates

GILT TECHS
  • RES 4: 105.59 20-day EMA
  • RES 3: 102.45 High Sep 23
  • RES 2: 98.68 Low Sep 23 and gap high on the daily chart
  • RES 1: 97.38 Intraday high
  • PRICE: 96.16 @ 08:22 BST Sep 26
  • SUP 1: 95.11 Intraday low
  • SUP 2: 94.72 Low Sep 1992 (cont)
  • SUP 3: 93.06 Low Apr 1992 (cont)
  • SUP 4: 91.47 76.4% retracement of the 1990 - 2020 major bull cycle

Gilt futures have resumed bearish activity today as the downtrend continues to accelerate. The break lower maintains the bearish price sequence of lower lows and lower highs. Note too that recent corrections have proved to be short-lived and shallow - this clearly highlights the current bearish market sentiment. The psychological 100.00 handle has been cleared, attention turns to 94.72, the September 1992 low.

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