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(Z3) Starts The Week On A Bearish Note

  • RES 4: 96.24 3.0% 10-dma envelope
  • RES 3: 96.05 High Sep 25
  • RES 2: 95.66 High Oct 12 and the bull trigger
  • RES 1: 94.28 High Oct 16
  • PRICE:93.60 @ Close Oct 16
  • SUP 1: 93.04 Low Oct 10
  • SUP 2: 92.48 76.4% retracement of the Oct 4 - 12 rally
  • SUP 3: 91.90 Low Oct 6
  • SUP 4: 91.47 Low Aug 17 and key support

Gilt futures faced resistance last Thursday and 95.66, the Oct 12 high, has been defined as a key short-term hurdle for bulls. The contract traded lower Monday, starting the week on a bearish note. Support to watch lies at 93.04, the Oct 10 low. A breach would highlight a stronger reversal and open key support and the bear trigger that lies at 91.47, the Aug 17 low. For bulls, a clearance of 95.66 would instead confirm a resumption of the recent rally.

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