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Early Cheapening Move Extends

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GILT TECHS: (M0) Needle Still Points North
*RES 4: 140.00 Psychological round number
*RES 3: 139.84 High Mar 9 and the contract high
*RES 2: 138.46 High Mar 9 and gap high on the daily chart
*RES 1: 138.17/22 High May 5 / High Mar 10 and gap low on the daily chart
*PRICE: 137.89 @ Close May 13
*SUP 1: 137.04/136.95 Low May 12 / Low Apr 30
*SUP 2: 136.74 Low Apr 27 and key support
*SUP 3: 136.40/135.93 50-day EMA / Low Apr 23
*SUP 4: 135.53 Low Apr 7
Gilts rebounded off 137.04 Tuesday and traded higher yesterday. The outlook
remains positive and attention is on 138.17, May 5 high. A break would confirm a
resumption of the underlying uptrend and pave the way for a test of 138.22, Mar
10 high and 138.46, Mar 9 low. A print of the latter would fill a gap on the
daily chart. Further out, attention is on the contract high of 138.89, Mar 9
high. Firm support is seen at 137.04 and 136.74. The latter is the Apr 27 low.

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