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(M18) 121.85 Loss Opens Up...............>

GILT TECHS
GILT TECHS: (M18) 121.85 Loss Opens Up 121.60-121.37 Potential
*RES 4: 122.84 Apr 11,18 highs
*RES 3: 122.49/51 76.4% Fibo of 123.03-120.73, May 1 high
*RES 2: 122.31/36 May 1-May 2 opening gap
*RES 1: 122.08 Hourly recovery high May 2
*PRICE: 121.73 @0755GMT 
*SUP 1: 121.60 Hourly base Apr 27
*SUP 2: 121.37 Hourly high Apr 26, now support
*SUP 3: 121.11 Hourly pullback low Apr 26
*SUP 4: 120.73 Apr 25 low
*COMMENTARY* Tuesday saw an attempt to break the 76.4% Fibo retrace level at
122.49, a high of 122.51 before giving way to some near term overbought
conditions. Nearest support from the Apr 30 low at 121.85 has now been lost.
This allows a deeper correction of the gains seen since last week's skirmish
with 120.72 support, beginning with 121.60-121.37. In the meantime, 122.08
provides initial resistance, 121.31-121.36 higher.

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