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(Z2) Bearish Tone

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GILT TECHS
GILT TECHS: (H9) Downtrend Remains Intact
*RES 4: 125.64 High May 29 (continuation chart)
*RES 3: 124.45 High Dec 10 (continuation chart)
*RES 2: 124.19 High Jan 2
*RES 1: 123.60 Down trendline resistance from Dec 10 high (continuation chart)
*PREVIOUS CLOSE: 123.05
*SUP 1: 122.98 Low Feb 4
*SUP 2: 122.55 100-dma (continuation chart)
*SUP 3: 122.15 Low Jan 18
*SUP 4: 121.72 Low Nov 22, downtrend support (continuation chart)
Gilt futures failed to overcome down trendline resistance from the Dec 10 high
on Friday keeping the downtrend intact, adding weight on Monday. Bulls need a
break above 123.60 to suggest a bull flag formation, opening the Jan 2 high at
124.19 initially, ahead of the Dec 10 high at 124.45. On the downside bears need
to break below Monday's low at 122.98 to garner traction and target the 100-DMA,
after yesterday's break below Friday's low turned the outlook neutral.

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