POWER: France Front-Week Power Rises

• RES 4: 92.06 High Aug 14 
• RES 3: 91.45 High Aug 15      
• RES 2: 91.24 High Aug 18 and a key near-term resistance
• RES 1: 90.16/90.84 High Sep 2 / High Aug 28 / 29 
• PRICE: 89.76 @ Close Sep 2
• SUP 1: 89.60 Low Sep 2
• SUP 2: 89.46 1.382 proj of the Aug 21 - 27 - 28 price swing
• SUP 3: 89.22 1.618 proj of the Aug 21 - 27 - 28 price swing  
• SUP 4: 89.00 Round number support     

A bear cycle in Gilt futures remains in play and a fresh cycle low again on Tuesday reinforces current conditions. The continuation of the bear leg has resulted in a break of the 90.00 handle. Clearance of this level strengthens the downtrend and maintains the sequence of lower lows and lower highs. Sights are on 89.46 next, a Fibonacci projection. Initial firm resistance is at 90.84, the Aug 28 and 29 high.

• MNI: TURKEY AUG CPI +2.04% M/M

Gilt calls, 89.73/89.76.