(H9) Topping Pattern Playing Out *RES....>

GILT TECHS: (H9) Topping Pattern Playing Out

*RES 4: 125.64 High May 29 (continuation chart) 

*RES 3: 124.45 High Dec 10 

*RES 2: 124.00 Down trendline resistance from Dec 10 high 

*RES 1: 123.00 Down trendline resistance from Jan 3 high 

*PREVIOUS CLOSE: 122.40 

*SUP 1: 122.15 Low Jan 18 

*SUP 2: 121.72 Low Nov 22 

*SUP 3: 121.12 Low Nov 8 (continuation chart) 

*SUP 4: 120.10 High Oct 8 (continuation chart) 

Gilt futures extended their declines in the latter part of last week shifting

the focus to the Nov 22 low at 121.72. A double top pattern has been triggered

with the downside target coming in at around 121.00. Bulls need to recover 123

to stabilise the outlook before targeting the 124 level which marks down

trendline resistance from the Dec 10 high. Above here would open a return to the

Dec 10 high at 124.45, extending the broader bullish trend.