(H18) 123.40 Still Providing Some Near...>

GILT TECHS: (H18) 123.40 Still Providing Some Near Term Comfort

*RES 4: 124.95/96 Jan 8, Jan 3 highs

*RES 3: 124.69 5 week falling resistance line

*RES 2: 124.50 Jan 11 high

*RES 1: 124.20/30 Jan 16 high, hourly congestion Jan 10-11

*PRICE: 123.50 @0938GMT 

*SUP 1: 123.40/45 Hourly support

*SUP 2: 123.12/26 Nov 30, Jan 12 lows

*SUP 3: 122.73 1.618x 125.42-124.05 from 124.95

*SUP 4: 122.62/68 1% vol band, 1.618 swing of 123.26-124.20

*COMMENTARY* The decline broke below the 76.4% Fibo retrace level at 123.73 and

the Dec 8 low and swing target at 123.62, earlier in the month. Found some

support however from 123.26, above what looks more important support from the

Nov 30 low at 123.12. Below and look to 122.73-122.62, the latter the lower 1%

volatility band. In the interim and while above hourly support at 123.40, then

still require a move through 124.20-124.30 to provide some respite.