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(M9) Bounces off 50-dma *RES 3: 154.01....>

JGB TECHS
JGB TECHS: (M9) Bounces off 50-dma
*RES 3: 154.01 - 28 July 2016 High
*RES 2: 153.80 - 29 August 2016 High
*RES 1: 153.00 - Up trendline Resistance
*PRICE: 152.75 @ 14:58 GMT, Mar 20
*SUP 1: 152.70 - 50-DMA
*SUP 2: 152.41 - 6 March Low
*SUP 3: 152.04 - 100-DMA
The 50-dma in JGB futures proved resilient Wednesday, with the level tested and
holding. This increases the importance of this support line going forward,
particularly as upside momentum continues to fade and JGBs print lower lows. Up
trendline resistance at 153.00 remains the first target for bulls, who need to
recover above here to regain momentum that has petered out slightly over the
past fortnight. Any recovery above the mark opens 153.80 in the medium-term and
the 28 July 2016 high at 154.01. To the downside, the 23.6% retracement level at
152.23 remains in view, but the 100-dma sits just below at 152.04.

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