(U18) Decline Holds Above The............>

GILT TECHS: (U18) Decline Holds Above The 122.85-122.76 Support Area

*RES 4: 124.27 Jul 20 high

*RES 3: 123.98 Hourly recovery high Jul 20

*RES 2: 123.70 Jul 23 high

*RES 1: 123.41/50 Hourly resistance

*PRICE: 123.30 @1515GMT 

*SUP 1: 122.84/85 Equality fall target from 123.70, Jul 16 low

*SUP 2: 122.76/80 Jul 9 low, 50% Fibo of 121.33-124.27

*SUP 3: 122.45 61.8% Fibo of 121.33-124.27

*SUP 4: 122.28 Jun 21 low

*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 setback on Friday. As a result, attention switched once again to

123.49 but this time for support. Monday's sustained move lower took out

123.19-123.15 support and switched attention to 122.85-122.76. A low of 122.94

so far and in the meantime, 123.41-123.50 bars the way to any near term revival.