(Z17) 124.40-124.55 The Next Potential...>

GILT TECHS: (Z17) 124.40-124.55 The Next Potential Bar To Recovery

*RES 4: 124.99/00 Oct 18, Oct 19 highs

*RES 3: 124.69 Oct 23 high

*RES 2: 124.50/55 Hourly congestion area Oct 20-23

*RES 1: 124.40 Oct 18 low, now resistance

*PRICE: 124.28 @1130GMT

*SUP 1: 123.85/95 Hourly support

*SUP 2: 123.71 Hourly high/low Oct 25, Oct 27

*SUP 3: 123.46 Oct 26 low

*SUP 4: 123.12/17 Sep 28, Oct 25 lows

*COMMENTARY* Found support at 123.17 last Wednesday, this just above the Sep 28

low at 123.12 and the lower 1% volatility band. The subsequent recovery, aided

by some near term oversold conditions, has now broken back above the pivotal

123.96 level. This sees the potential to increase gains and the correction, into

124.40-125.55 next. As a result, support also rises to 123.95-123.85. Loss would

disappoint at this stage and suggest scope for a 123.71-123.46 setback.