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(U18) 122.55 Protects Against A..........>

GILT TECHS: (U18) 122.55 Protects Against A Further 122.34-121.86 Fall
*RES 4: 123.84 Hourly recovery high May 29
*RES 3: 123.52/58 May 31 high, hourly recovery high May 30
*RES 2: 123.33 Hourly base May 31, now resistance
*RES 1: 123.17 Jun 1 high
*PRICE: 122.90 @0805GMT 
*SUP 1: 122.55 Jun 1 low
*SUP 2: 122.32/34 Hourly base May 25, 50% of 120.01-124.67
*SUP 3: 121.86 May 4 high, now support
*SUP 4: 121.77/79 May 24 high, 61.8% Fibo of 120.01-124.67
*COMMENTARY* Continued to post gains last week, reaching a high of 124.67 on
Tuesday, before retreating given the overbought nature of near term studies.
122.80-122.67 support has since been lost, a base at 122.55 so far and as a
result, nearest resistance falls to 123.17-123.33. Back above the latter would
afford some near term respite. Below 122.55 and look to 122.34-121.86 next.

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