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(Z3) Recovery Appears 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: 93.23/94.28 20-day EMA / High Oct 16
  • RES 1: 93.00 Intraday high
  • PRICE: 92.95 @ 08:13 BST Oct 24
  • SUP 1: 90.85 Low Oct 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 traded lower Monday and the contract maintains a bearish theme. Today’s bullish start and the recovery from yesterday’s low is considered corrective. For bears, price has recently traded through key support at 91.47, the Aug 17 low. This confirms a resumption of the downtrend and paves the way for a move towards 90.38, the Oct 12 2022 low (cont) and a major support. Initial firm resistance is at 93.23, the 20-day EMA.

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