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(M4) Trend Signals Remain Bearish

JGB TECHS


  • RES 3: 148.74 - High Jul 24
  • RES 2: 147.74 - High Jan 15 and bull trigger
  • RES 1: 144.88/145.95 - High May 8 / High Mar 25
  • PRICE: 143.67 @ 18:01 BST Jun 7
  • SUP 1: 142.85 - Low May 30
  • SUP 2: 142.06 - 1.0% 10-dma envelope
  • SUP 3: 141.65 - 1.00 proj of Mar 22 - Nov 1 ‘23 - Jan 15 price swing

A bear trend in JGB futures remains intact and the move higher since May 30 is considered corrective. The contract recently traded through key support at 143.44, the Nov 1 low, exposing 141.65, a Fibonacci projection. A stronger reversal higher is required to signal the end of the recent downward phase. Key resistance is at 145.95, the Mar 28 high. A break would signal scope for a climb towards the bull trigger at 147.74, the mid-January high.

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