(M9) 100-dma Gives Way, Cementing.........>

JGB TECHS: (M9) 100-dma Gives Way, Cementing Downtrend

*RES 3: 153.34 - Mar28 High

*RES 2: 152.94 - 38.2% 153.34 - 152.70

*RES 1: 152.80 - 50-DMA

*PRICE: 152.41 @ 16:48 BST, Apr 16

*SUP 1: 152.33 - 6 March Low

*SUP 2: 152.14 - 3% Lower Bollinger Band

*SUP 3: 151.97 - 38.2% 149.75 - 153.34

Bulls will have been alarmed with the speed at which markets took out support at

both the 50- and 100-dmas in the past few sessions, cementing the downtrend for

JGB futures with the short-term outlook now solidly bearish. There's still a

fair bit of downside to go before JGBs begin to flash oversold on an RSI basis,

suggesting this move could have some legs. A recovery above 152.81 is needed to

stem the flow, before bulls can begin to reconsider recent cycle highs at

153.34.