(U18) Hits 38.2% Retrace Level After.....>

GILT TECHS: (U18) Hits 38.2% Retrace Level After 122.90 Gives Way

*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: 123.28 Hourly resistance

*PRICE: 123.23 @0737GMT 

*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 Thursday 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.