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(Z18) Downtrend Breaks *RES 4: 124.27....>

GILT TECHS
GILT TECHS: (Z18) Downtrend Breaks
*RES 4: 124.27 High Jul 17 (continuation chart) 
*RES 3: 123.15 High Oct 29 
*RES 2: 122.64 High Oct 31 
*RES 1: 121.83 100-dma 
*PREVIOUS CLOSE: 121.90 
*SUP 1: 121.12 Low Nov 8 
*SUP 2: 120.51 Low Oct 16 
*SUP 3: 120.10 High Oct 8 
*SUP 4: 119.81 Low Oct 12 
The well-defined downtrend in Gilt futures gave way on Friday as the rally
extended above the 100-dma to shift the near-term outlook positive. The Oct 31
high at 122.64 now comes into play ahead of the Oct 29 high at 123.15. Bears
look to break below last Thursday's low at 121.12 to shift the focus back to the
downside and target the Oct 16 low at 120.51 ahead of a return to the cycle lows
seen on Oct 12 just below 112. 

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