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(Z2) Outlook Remains Bearish

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(Z2) Path Of Least Resistance Remains Down

GILT TECHS
  • RES 4: 104.69 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 High Sep 26
  • PRICE: 96.16 @ Close Sep 26
  • SUP 1: 94.72 Low Sep 1992 (cont)
  • SUP 2: 93.06 Low Apr 1992 (cont)
  • SUP 3: 92.00 Round number support
  • SUP 4: 91.47 76.4% retracement of the 1990 - 2020 major bull cycle

Gilt futures started the week on a bearish note 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 - clearly highlighting current bearish sentiment. Attention is on 94.72, the September 1992 low. Further out, the focus is on the next key retracement of the 1990 - 2020 major bull leg, at 91.47.

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  • RES 4: 104.69 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 High Sep 26
  • PRICE: 96.16 @ Close Sep 26
  • SUP 1: 94.72 Low Sep 1992 (cont)
  • SUP 2: 93.06 Low Apr 1992 (cont)
  • SUP 3: 92.00 Round number support
  • SUP 4: 91.47 76.4% retracement of the 1990 - 2020 major bull cycle

Gilt futures started the week on a bearish note 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 - clearly highlighting current bearish sentiment. Attention is on 94.72, the September 1992 low. Further out, the focus is on the next key retracement of the 1990 - 2020 major bull leg, at 91.47.