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(Z3) Corrective Cycle Still In Play

GILT TECHS
  • RES 4: 97.27 76.4% retrace of the Jul 19 - Aug 17 bear leg (cont)
  • RES 3: 96.19 High Jul 31(cont)
  • RES 2: 95.82 High Aug 10 (cont)
  • RES 1: 95.11 High Aug 24
  • PRICE: 94.65 @ Close Aug 29
  • SUP 1: 94.14 Low Aug 29
  • SUP 2: 93.00 Round number support
  • SUP 3: 92.56 Low Aug 23
  • SUP 4: 91.47 Low Aug 17 and the bear trigger

A bearish theme in Gilt futures remains intact, however, a strong rally last week suggests the contract remains in a short-term corrective cycle. Price is holding on to the bulk of its recent gains reinforcing a short-term bullish theme. An extension higher would open 95.82, the Aug 10 high (cont). Note that trend signals continue to highlight a downtrend. The bear trigger has been defined at 91.47, the Aug 17 low.

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