(M18) Decline Heads Toward Decent........>

GILT TECHS: (M18) Decline Heads Toward Decent 120.72-120.56 Support

*RES 4: 122.00 Apr 20 high

*RES 3: 121.66 Hourly recovery high Apr 20

*RES 2: 121.42/48 Intraday high, Apr 17 low

*RES 1: 121.27 Hourly resistance

*PRICE: 121.04 @1545GMT 

*SUP 1: 120.80 Intraday low

*SUP 2: 120.72 61.8% Fibo of 119.29-123.03

*SUP 3: 120.64/69 1.618 swing of 121.48-122.84, Mar 21 low

*SUP 4: 120.56 1% volatility band

*COMMENTARY* The 50% Fibo retrace level at 121.16 the latest support to come

under challenge, giving way on Monday, a low of 121.03, before bouncing courtesy

of some near term oversold conditions. Minor resistance from beneath 121.50 has

capped the rise and fresh lows have resulted in a move toward the 61.8% retrace

at 120.72. This at the upper edge of decent support until the 1% volatility band

at 120.56. Meanwhile, resistance from 121.27-121.48 can blunt rallies.