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(U18) 122.60 Proves The Bar To Further...>

GILT TECHS
GILT TECHS: (U18) 122.60 Proves The Bar To Further Recovery Hopes
*RES 4: 122.80/81 May 29, May 31 lows, now resistance
*RES 3: 122.51/60 Intraday high, initial low Jun 5
*RES 2: 122.31 Intraday hourly highs 
*RES 1: 122.01/11 Hourly resistance
*PRICE: 121.79 @1517GMT 
*SUP 1: 121.70/73 Intraday low, hourly recovery high Jun 7
*SUP 2: 121.51 Jun 7 low
*SUP 3: 121.42 1% volatility band
*SUP 4: 121.16 76.4% Fibo of 120.01-124.67
*COMMENTARY* Failure to move back above 123.00 this week was  the catalyst for
the increased fall, firstly below previous 122.43 support and then the
121.86-121.77 area at Thursday's open. This saw a low of 121.51 as the decline
approached the lower 1% volatility band at 121.42. This the protection against a
further 121.16-121.09 fall. As a result, back above 121.98-122.18 helps but a
122.60 break required before any belief in a recovery will appear.

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