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(H18) Near Term Recovery Hopes Pinned....>

GILT TECHS
GILT TECHS: (H18) Near Term Recovery Hopes Pinned On Volatility Band
*RES 4: 123.11/12 Jan 25, Jan 26 highs
*RES 3: 122.85 Congestion area Jan 24-26
*RES 2: 122.55/65 Jan 31, Jan 30 highs
*RES 1: 122.28 Jan 29 low, now resistance
*PRICE: 121.71 @0859GMT 
*SUP 1: 121.51 1% volatility band
*SUP 2: 121.42 1.618 swing of 123.12-125.87
*SUP 3: 121.29 61.8% Fibo of 114.07-132.98
*SUP 4: 120.83 5 month bear channel base projection
*COMMENTARY* The fall has gained in momentum this week, most latterly through
121.89 support. Hopes are now pinned on the lower 1% volatility band, at 121.51
by time today, to halt the decline, else a deeper 121.42-121.29 drop, is next on
the cards. Resistance now comes from beneath the Jan 29 low at 122.28 but
currently needs to reclaim levels back through 122.55-122.65, before any
confidence in the topside will reappear.

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