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(Z2) Trend Needle Still Points South

GILT TECHS
  • RES 4: 112.43 High Aug 22
  • RES 3: 111.54 High Aug 23
  • RES 2: 109.47/110.85 High Aug 31 / 26 and key near-term resistance
  • RES 1: 106.84/107.93 High Sep 8 / High Sep 1
  • PRICE: 105.33 @ Close Sep 15
  • SUP 1: 104.47 Low Sep 14
  • SUP 2: 103.87 2.00 projection of the Aug 22 - 24 - 26 price swing
  • SUP 3: 103.05 2.236 projection of the Aug 22 - 24 - 26 price swing
  • SUP 4: 102.54 2.382 projection of the Aug 22 - 24 - 26 price swing

Gilt futures traded to a fresh trend low Wednesday of 104.47. The contract remains vulnerable and the bearish impulsive run that started early August signals scope for an extension. The breach on Aug 30 of 108.94, Aug 24 low, confirmed a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Attention is on 103.87, a Fibonacci projection. Initial firm resistance is at 107.93, the Sep 1 high.

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