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(Z3) Corrective Pullback

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: 95.79High Sep 1
  • PRICE: 94.40 @ Close Sep 4
  • 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

Gilt futures traded higher last week and cleared resistance at 95.11, the Aug 24 high. The break strengthened the current bull cycle and signalled scope for a stronger corrective phase. The focus is on 95.82, the Aug 10 high (cont). On the downside, initial support lies at 94.14, the Aug 29 low. Clearance of this level would signal a possible reversal. Key support and bear trigger lies at 91.47, the Aug 17 low. For now, the latest pullback is considered corrective

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