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(M18) 120.48 Support Becomes Pivotal.....>

GILT TECHS
GILT TECHS: (M18) 120.48 Support Becomes Pivotal To Near Term Direction
*RES 4: 122.01/02 50% Fibo of 124.73-119.29, Mar 2 high
*RES 3: 121.68 Hourly recovery high Mar 5
*RES 2: 121.43 Mar 2 low, now resistance
*RES 1: 121.10/20 Hourly resistance
*PRICE: 120.85 @1441GMT 
*SUP 1: 120.48 Feb 27 low
*SUP 2: 120.29/33 Feb 22 low, 61.8% of 119.29-122.02
*SUP 3: 119.93 76.4% Fibo of 119.29-122.02
*SUP 4: 119.79 1% volatility band
*COMMENTARY* Had continued to recover since finding a base at 119.29, in the
middle of last month. The further lift through 121.37 last week saw the rally
move towards the next Fibo retrace level, the 50%, at 122.01. Unable to maintain
a break through here and has succumbed to some overbought hourly conditions.
Meanwhile, support from 121.05-120.82 has been lost, so eyes now on the Feb 27
low at 120.48 for next clues. Nearest resistance falls to 121.10-121.43.

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