(H0) Still Seen Likely To Retrace........>

GILT TECHS: (H0) Still Seen Likely To Retrace Lower

*RES 4: 135.78 2.382 projection of Jan 2 - Jan 6 rally from Jan 9 low

*RES 3: 135.52 High Jan 30

*RES 2: 135.11 High Feb 3

*RES 1: 134.60/78 High Feb 10 / 61.8% of the Jan 30 - Feb 6 decline

*PRICE: 133.76 @ Close Feb 12

*SUP 1: 133.57 Low Feb 6 and key support

*SUP 2: 133.55 Low Jan 23 and 24

*SUP 3: 133.33 50-day EMA

*SUP 4: 133.04 Low Jan 21

H0 Gilt traded lower yesterday. Last week, futures breached 134.40, the Jan 30

low signalling the start of a retracement of gains seen in January. From a

technical perspective, the move lower also reflects an unwinding of the recent

overbought condition. The focus is on further downside near-term with attention

on 133.55, Jan 23/24 low where a break would open 133.34, support highlighted by

the 50-day EMA and potentially 133.04. Initial resistance is 134.60.