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(H18) Near Term Risk Is For Lower........>

GILT TECHS: (H18) Near Term Risk Is For Lower While 121.80-121.85 Caps
*RES 4: 122.24 Feb 6 high
*RES 3: 121.80/85 Congestion area Feb 6-7
*RES 2: 121.63 Feb 9 high
*RES 1: 121.30/40 Hourly resistance
*PRICE: 120.88 @1545GMT 
*SUP 1: 120.75 Hourly support
*SUP 2: 120.48 Feb 8 low
*SUP 3: 120.24 1% volatility band
*SUP 4: 120.10 1.618 swing of 120.92-122.24
*COMMENTARY* Resistance from between 122.24-122.28 kept a lid on recoveries last
week, resulting in a fall on Thursday to 120.48, basically a test to the lower
1% volatility band, at the time. The subsequent bounce has failed to make any
inroads into earlier 121.80-121.85 resistance, now the likely key to any lasting
bounce. Support from 120.75 currently keeps attention away from 120.48 again.
The 1% band is at 120.24 today, ahead of the swing target at 120.10.

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