(U9) Bears still in charge *RES 4:.......>

GILT TECHS: (U9) Bears still in charge

*RES 4: 132.00 High Jul 7

*RES 3: 131.39 High Jul 11

*RES 2: 131.11 Former bull channel support, drawn off the May 21 low

*RES 1: 130.54 High Jul 12

*PRICE: 130.41 @ Close Jul 12

*SUP 1: 130.14 Low Jul 12

*SUP 2: 130.04 Low Jun 27

*SUP 3: 129.98 Low Jun 19

*SUP 4: 129.80/78 Low Jun 12 / 50-day EMA

U9 Gilt is likely to remain heavy. Last Thursday's sell-off resulted in a break

of its bull channel support at 130.91. The channel is drawn off the May 21 low.

This development together with momentum studies that remain bearish, suggest

further weakness is likely this week. Focus is on support at 130.04 and 129.98

with the 50-day EMA at 129.78. Resistance is at the former trendline support

that today intersects at 131.11. While 131.11 caps, the trend remains down.