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(Z2) Trend Needle Still Points North

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: 107.17 High Nov 17
  • PRICE: 106.25 @ Close Nov 21
  • SUP 1: 104.64 Low Nov 16
  • SUP 2: 102.99 50-day EMA
  • SUP 3: 101.60 Low Nov 9
  • SUP 4: 99.92 Low Nov 8 and key short-term support

Short-term trend conditions in Gilt futures remain bullish and the contract is holding on to its recent gains. Price traded higher last week, extending the current uptrend. The recent break of 104.39, Oct 27 high, confirmed a 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 102.99, the 50-day EMA.

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