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(Z3) Gains Appear To Be A Correction

GILT TECHS


  • RES 4: 96.05 High Sep 25
  • RES 3: 95.66 High Oct 12 and the bull trigger
  • RES 2: 93.82/94.28 61.8% of the Oct 12 - 23 bear leg / High Oct 16
  • RES 1: 93.34 High Oct 24
  • PRICE: 92.64 @ Close Oct 30
  • SUP 1: 91.62/90.85 Low Oct 26 / 23
  • SUP 2: 90.38 Low Oct 12 2022 (cont) and a major support
  • SUP 3: 90.00 Psychological round number
  • SUP 4: 89.22 1.236 proj of the Sep 20 - Oct 4 - Oct 12 price swing

Gilt futures maintain a bearish theme and recent gains appear to be a correction. For bears, price has recently traded through key support at 91.47, the Aug 17 low. This confirmed a resumption of the downtrend and signals scope for 90.38, the Oct 12 2022 low (cont) and a major support. Initial resistance is at 93.34, the Oct 24 high. A clear break of this level would suggest scope for a stronger correction.

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