(M18) 55-DMA Support Remains Key *RES....>

GILT TECHS: (M18) 55-DMA Support Remains Key

*RES 4: 111.990 Monthly High Mar 28 

*RES 3: 111.947 Bollinger band top 

*RES 2: 111.945 Highs Apr 5 & 6 

*RES 1: 111.940 High May 4

*PREVIOUS CLOSE: 111.915

*SUP 1: 111.885 Low May 9, Daily Bull channel base off Feb low 

*SUP 2: 111.875 Low Apr 27, 55-DMA 

*SUP 3: 111.830 Low Mar 14 

*SUP 4: 111.805 Low Mar 9

*COMMENTARY: With bulls currently focused on a break of 111.945 needed to

confirm initial focus on 111.990, topside hesitation is less than ideal. Initial

support is noted at 111.885 but bears look for a close below the 55-DMA to

confirm an easing of bullish pressure. Below 111.805 is needed to confirm a

break of the 100-DMA (100.812) and shift immediate focus to 111.715. The Bolli

top remains the key concern for bulls who look for a close above 111.945.