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(M18) Recovery Stumbles Beneath A........>

GILT TECHS
GILT TECHS: (M18) Recovery Stumbles Beneath A 123.03 Return
*RES 4: 123.57 61.8% Fibo of 125.69-120.13
*RES 3: 123.36 1% volatility band
*RES 2: 123.03 Apr 4 high
*RES 1: 122.94 May 4 high
*PRICE: 122.64 @0740GMT 
*SUP 1: 122.40/45 Hourly support
*SUP 2: 122.18 Hourly base May 3
*SUP 3: 121.95 Congestion area May 2-3
*SUP 4: 121.70 May 3 low
*COMMENTARY* Having been held back by the 122.51 level last Tuesday, the ensuing
setback found a base at 121.70. Thursday's subsequent rally reclaimed ground
back above 122.36 and also that 122.51 level. This now sees the Apr 11, Apr 18
highs at 122.84 under assault, ahead of another potential challenge to the
123.03 April high and 1% volatility band at 123.36. Support now 122.45-122.18
but only back beneath 121.95 would currently unsettle things.

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