(U18) 123.00 Break The Key To A..........>

GILT TECHS: (U18) 123.00 Break The Key To A Greater Recovery

*RES 4: 123.88 76.4% Fibo of 124.67-121.33

*RES 3: 123.52 May 31 high

*RES 2: 123.37/39 1% vol band, 61.8% Fibo of 124.67-121.33

*RES 1: 122.92/00 Jun 15 high, 50% of 124.67-121.33

*PRICE: 122.53 @1600GMT 

*SUP 1: 122.25/31 Jun 13 high, Jun 15 low

*SUP 2: 122.10/14 Hourly lows Jun 14

*SUP 3: 121.81/84 Jun 11 high, Jun 14 low

*SUP 4: 121.70 Congestion area Jun 7-Jun 12

*COMMENTARY* A low of 121.33 last week, this being the protection against a

further 121.16-121.01 fall, where two 76.4% Fibo retrace levels reside. As a

result, became oversold in the near term, the subsequent break above

121.92-121.96, allowing initial respite, followed by the further move through

122.31. Now seeing 123.00-123.39 as the next band of resistance to this

recovery. Support 122.31-122.25 and then more importantly 122.10.