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Y137.00 Comes Under Attack


(U2) Off Lows, But Still Fragile


A Little Firmer

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GILT TECHS: (H0) Focus Is On Key Resistance
*RES 4: 136.06 123.6% retracement projection of the Jan 30 - Feb 13 decline
*RES 3: 136.00 Round number resistance
*RES 2: 135.52 High Jan 30 and bull trigger
*RES 1: 135.43 High Feb 24
*PRICE: 134.91 @ Close Feb 24
*SUP 1: 134.65 Low Feb 24
*SUP 2: 133.91 Low Feb 20
*SUP 3: 133.57 Low Feb 19
*SUP 4: 133.22 Low Feb 13 and key support
Gilts traded higher again yesterday but did find resistance at the day high. A
bullish focus remains intact for now and attention is on the key resistance at
135.52, Jan 30 high. Clearance of this level would confirm a resumption of the
broader uptrend that has been in place since Dec 13 and pave the way for a climb
towards 136.00 and 136.06. The latter is a Fibonacci retracement projection.
Initial support is seen at yesterday's low of 134.65.

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