(H18) 124.20-30 Proves Too Difficult.....>

GILT TECHS: (H18) 124.20-30 Proves Too Difficult At This Stage

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

*RES 3: 124.73 4 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: 123.63 @1630GMT 

*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, 1% vol band

*SUP 4: 122.68 1.618 swing of 123.26-124.20

*COMMENTARY* The decline continued last week, breaking below the 76.4% Fibo

retrace level at 123.73 and the Dec 8 low and swing target at 123.62. Found some

support from 123.26, above what looks more important support from the Nov 30 low

at 123.12. Below and look to 122.73-122.68, the lower 1% volatility band and

swing target. 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.