(H18) Recovering On The Back Of Near.....>

GILT TECHS: (H18) Recovering On The Back Of Near Term Oversold Conditions

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

*RES 3: 124.50 Jan 11 high

*RES 2: 124.20/30 Hourly congestion Jan 10-11

*RES 1: 124.05/11 Jan 2, Dec 21 lows, now resistance

*PRICE: 123.80 @0916GMT 

*SUP 1: 123.43/53 Hourly support

*SUP 2: 123.26 Jan 12 low

*SUP 3: 123.05/12 1% volatility band, Nov 30 low

*SUP 4: 122.73 1.618x 125.42-124.05 from 124.95

*COMMENTARY* The decline continued Friday, 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 123.12-123.05. This

the Nov 30 low and the lower 1% volatility band by time today. Has become

oversold in the near term, the move back above 123.75-123.87 helping but the Jan

2 low at 124.05 and the Dec 21 low at 124.11 a more formidable barrier higher.