(H18) Key 123.03 Support Survives An.....>

GILT TECHS: (H18) Key 123.03 Support Survives An Early Testing

*RES 4: 124.27/30 Hourly congestion area Nov 27-28

*RES 3: 124.18/19 Nov 24, 27 lows, now resistance

*RES 2: 123.89 Nov 28 low, Nov 29 high

*RES 1: 123.69/71 Hourly resistance

*PRICE: 123.61 @1635GMT 

*SUP 1: 123.29 Hourly support

*SUP 2: 123.12/15 Intraday, Nov 1 lows 

*SUP 3: 123.03 76.4% of 122.44-124.94

*SUP 4: 122.63 1.618 swing of 123.38-124.60

*COMMENTARY* The month's earlier 'Gravestone Doji' close on Nov 8 was initially

responsible for a 124.94-123.38 fall, keeping us ahead of key 123.03 Fibo

support. The subsequent recovery helped to ease some oversold conditions but the

124.57-124.60 area proved too tough to break at this stage. Meanwhile, support

from 123.61 and that prior 123.38 low have since been lost, leaving

123.15-123.03 vulnerable to test again. Resistance falls to 123.69-123.89.