(U18) Consolidating Above 38.2% Fibo.....>

GILT TECHS: (U18) Consolidating Above 38.2% Fibo Retrace Level

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

*RES 3: 123.75 1.618 swing of 123.19-122.28

*RES 2: 123.47/52 Jun 28, May 31 highs

*RES 1: 123.35 Jul 2 high

*PRICE: 123.20 @0733GMT 

*SUP 1: 122.65/67 38.2% of 121.33-123.47, Jun 29 low

*SUP 2: 122.40 50% Fibo of 121.33-123.47

*SUP 3: 122.25/28 Jun 13 high, Jun 21 low

*SUP 4: 122.15 61.8% Fibo of 121.33-123.47

*COMMENTARY* Last week saw a move above the 61.8% Fibo retrace level at 123.39.

A high of 123.47 as we pushed 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 at 123.88. These however may

have to remain on hold, as support from 122.90 has given way. This would open

the door to 122.65 next and possibly 122.40-122.15.