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(H3) Returning Lower

JGB TECHS
  • RES 3: 151.13 - High Mar 3
  • RES 2: 149.75/150.81 - High Nov 11 / High Aug 5
  • RES 1: 147.64/148.79 Low Dec 6 / High Nov 16
  • PRICE: 145.47 @ 15:12 GMT Jan 10
  • SUP 1: 145.17 - Low Jan 2
  • SUP 2: 145.05 - Low Jun 16 and a key support
  • SUP 3: 144.61 - 1.50 proj of the Aug - Oct - Nov price swing

Despite the clear bear cycle, prices posted a shallow bounce into the Friday close amid a global fixed income rally. This soon faded, with prices returning toward recent lows. Markets have managed a low print of 145.17 as part of the recent downtrend, and further weakness would confirm a resumption of the downtrend and open a key support that sits at 145.05, the Jun 16 low. Clearance of this level would strengthen the bearish condition. Key resistance has been defined at 148.79, the Nov 16 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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