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(Z2) Watching The 20-Day EMA

  • 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: 97.27/98.24 20-day EMA / High Oct 14
  • PRICE: 97.23 @ Close Oct 17
  • SUP 1: 92.66 Low Oct 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 despite the recovery from 90.38, the Oct 12 low. Short-term gains are considered corrective and moving average studies are in a bear mode position. Initial resistance to watch is at 97.27, the 20-day EMA. The average has been pierced and a clear break is needed to suggest scope for a stronger corrective bounce towards 100.92, the Oct 4 high and a key resistance. 90.38 is the bear trigger.

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