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GILT(U18) Risk Of Correction Lower.......>

GILT TECHS
GILT TECHS: GILT(U18) Risk Of Correction Lower
*RES 4: 127.00 Measured move from triangle breakout
*RES 3: 124.67 High May 29
*RES 2: 124.27 High July 20
*RES 1: 124.00 Triangle resistance from May 29 high
PREVIOUS CLOSE: 123.62
*SUP 1: 123.07 21-DMA
*SUP 2: 122.62 Low August 7
*SUP 3: 122.26 Low August 3
*SUP 4: 122.07 100-DMA
Following the sharp gap higher at the end of last week, the gilt has pulled back
sharply at the beginning of this week to develop a bearish reversal pattern,
highlighting the risk of an initial correction lower before gains are extended.
A pullback to close the gap would be healthy from a technical perspective,
however holding above the 123.10/07 area would be needed to maintain the overall
bullish momentum, keeping the focus on the 124.00 level.

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