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Channel Top Is Key Resistance


BLOCK, 2Y Trade

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GILT TECHS: (H18) Further Rally Requires 125.69-125.71 Break
*RES 4: 126.09/13 76.4% Fibo of 127.22-122.44, 1% vol band
*RES 3: 126.06 1.618 swing of 124.94-123.12
*RES 2: 125.94 Equality from 124.49 to 123.62-125.08
*RES 1: 125.69/71 Dec 15 high, 1.618 swing of 124.91-123.62
*PRICE: 125.57 @1630GMT 
*SUP 1: 125.08 Dec 11 high, now support
*SUP 2: 124.90/95 Hourly support
*SUP 3: 124.72 Dec 14 low
*SUP 4: 124.49 Dec 13 low
*COMMENTARY* A high of 125.69 on Friday, above the 76.4% Fibo retrace level at
125.62 but shy of the swing target at 125.71. Has subsequently met some near
term overbought conditions, so look for some pullback, initially of gains from
yesterday's 124.72 low. This sees the previous 125.08 high as initial support of
note, ahead of 124.95-124.90. Have to stay above the latter to retain recent
momentum. Above 125.71 and the congested 125.94-126.13 area, is next attraction.

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