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(M18) Rally Falters In 121.91-121.93.....>

GILT TECHS
GILT TECHS: (M18) Rally Falters In 121.91-121.93 Area Again
*RES 4: 122.90/94 1% volatility band, May 4 high
*RES 3: 122.46/50 76.4% of 122.94-120.89, May 10 high
*RES 2: 122.15/16 Initial base May 11, 61.8% of 122.94-120.89
*RES 1: 121.91/93 50% of 122.94-120.89, May 21 high
*PRICE: 121.45 @0808GMT 
*SUP 1: 121.41/42 May 16 low, May 17 high
*SUP 2: 121.27 Initial rally high May 18, now support
*SUP 3: 121.12 Hourly base May 18
*SUP 4: 120.89 May 17 low
*COMMENTARY* The recovery continued on Monday, seeing a rise through the May 16
high at 121.74 and a challenge to the slightly higher 121.91-121.93 area. The
former a 50% Fibo retrace level. Became overbought as a result, support comes
from 121.42-121.41 initially and is the protection against a deeper
121.27-121.12 fall at present. A sustained move through 121.93 and 122.15-122.16
becomes the next region to watch.

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