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(H3) Shallow Bounce Off Lows

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: 146.14 @ 15:30 GMT Jan 06
  • 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. 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.

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