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(Z3) Strong Reversal Extends

GILT TECHS
  • RES 4: 96.05 High Sep 25
  • RES 3: 95.66 High Oct 12 and the bull trigger
  • RES 2: 93.72/94.28 20-day EMA / High Oct 16
  • RES 1: 92.98 High Oct 18
  • PRICE: 91.85 @ Close Oct 18
  • SUP 1: 91.50 Low Oct 4
  • SUP 2: 91.47 Low Aug 17 and key support
  • SUP 3: 90.38 Low Oct 12 2022 (cont) and a major support
  • SUP 4: 90.00 Psychological round number

Gilt futures traded sharply lower yesterday, extending the strong reversal from 95.66, the Oct 12 high. This level has been defined as a key short-term hurdle for bulls. 92.48, the 76.4% retracement of the Oct 4 - 12 rally, has been breached and this further strengthens bearish conditions and opens key support and the bear trigger at 91.47, the Aug 17 low. Initial firm resistance is at 93.72, the 20-day EMA.

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