(U18) 123.47 Back In The Spotlight.......>

GILT TECHS: (U18) 123.47 Back In The Spotlight

*RES 4: 124.59 1% volatility band

*RES 3: 124.27 Jul 20 high

*RES 2: 124.09 Initial pullback low Jul 20, now resistance

*RES 1: 123.84/90 Hourly resistance

*PRICE: 123.53 @0741GMT 

*SUP 1: 123.41/47 Intraday low, Jul 19 low

*SUP 2: 123.15/19 38.2% 121.33-124.27, 76.4% 122.85-124.27

*SUP 3: 122.85 Jul 16 low

*SUP 4: 122.76/80 Jul 9 low, 50% Fibo of 121.33-124.27

*COMMENTARY* Last week finally broke through resistance from the 123.49 level

which had capped rallies all month long. A quick rise to 124.27 followed, before

suffering a near term setback on Friday. As a result, attention has once again

turned to 123.47 but this time for support. Sustained move lower and the

123.19-123.15 area then becomes pivotal to direction. In the meantime,

123.84-123.90 bars the way to a 124.09-124.27 revival.