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(M2) Primary Downtrend Remains Intact

JGB TECHS

JGB TECHS: (M2) Primary Downtrend Remains Intact

  • RES 3: 151.13 - High Mar 3
  • RES 2: 150.44 - High Mar 14
  • RES 1: 150.14 - High Apr 1
  • PRICE: 149.67 @ 20:59 BST May 19
  • SUP 1: 148.72 - Low Mar 29
  • SUP 2: 148.84 - 3.0% Lower Bollinger Band
  • SUP 3: 147.89 - 1.0% 10-dma envelope

The primary downtrend in JGBs remains intact although a corrective cycle remains in play. Key resistance to watch is at 150.14, Apr 1 high. The breach, in March, of the 61.8% Fibonacci retracement of the 2015 - 2020 rally at 149.65 continues to weigh on prices and spells further losses toward 148.84/147.89, which marks both the 3.0% Lower Bollinger Band as well as the 1.0% 10-dma envelope. A break of 150.14 would alter the picture.

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