(U18) Breaks Above 123.39 Fibo But.......>

GILT TECHS: (U18) Breaks Above 123.39 Fibo But Highly Overbought Near Term

*RES 4: 124.11 1% volatility band

*RES 3: 123.88 76.4% Fibo of 124.67-121.33

*RES 2: 123.75 1.618 swing of 123.19-122.28

*RES 1: 123.47/52 Intraday, May 31 highs

*PRICE: 123.21 @0735GMT 

*SUP 1: 122.90/00 Hourly support

*SUP 2: 122.73 Hourly base Jun 26

*SUP 3: 122.51/55 Jun 8 high, Jun 22 low

*SUP 4: 122.25/28 Jun 13 high, Jun 21 low

*COMMENTARY* Has opened today with a move above the 61.8% Fibo retrace level at

123.39. A high of 123.47 so far, as we now push into very highly overbought near

term conditions. The may 31 high at 123.52 is the next obvious resistance, ahead

of the swing target at 123.75 and the 76.4% Fibo retrace level atb 123.88. These

however may have to remain on hold, if support from 123.00-122.90 gives way.

This would open the door to 122.73 and the key 122.55-122.51 area.