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(Z3) Key Short-Term Resistance Is At Last Week’s High

GILT TECHS
  • RES 4: 97.57 High Jul 24(cont)
  • RES 3: 97.00 Round number resistance
  • RES 2: 96.66 0.764 proj of the Aug 17 - Sep 1 - Sep 6 price swing
  • RES 1: 96.49 High Sep 14 and a key resistance
  • PRICE: 96.11 @ 08:04 BST Sep 20
  • SUP 1: 95.45/94.64 Intraday low / Low Sep 18
  • SUP 2: 94.05 Low Sep 11
  • SUP 3: 93.36 Low Sep 6 and a key support
  • SUP 4: 93.00 Round number support

Gilt futures have recovered from yesterday’s low but for now remain below resistance at 96.49, the Sep 14 high. A break of this resistance is required to confirm a resumption of the bull cycle that started Aug 17 and this would open the 97.00 handle. Key short-term support has been defined at Monday’s 94.64 low. A reversal lower and a break of this support would threaten the bullish condition and expose 94.05, the Sep 11 low.

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