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(M1) Uptrend Flattening Out

JGB TECHS
  • RES 3: 151.82 - 76.4% November - February Decline
  • RES 2: 151.66 - High Apr 23 / bull trigger
  • RES 1: 151.42 - Uptrendline Support-turned-resistance
  • PRICE: 151.37 @ 16:39 BST May 14
  • SUP 1: 151.17 - 38.2% Feb - Apr Rally
  • SUP 2: 150.88 - Low Apr 1
  • SUP 3: 150.38 - Low Feb 26

Recent price action has worked against the multi-month uptrend, with prices edging back below the trendline drawn from the February and 2021 low at 150.38. This switches the outlook more neutral, with first support at 151.17, while the former uptrendline support-turned-resistance crosses at 151.42. A break and close back above here would resume the uptrend and target the 151.66 bull trigger.

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

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