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(U2) Corrective Pullback Extends

JGB TECHS
  • RES 3: 152.26 - High Dec 7 / 21 2021
  • RES 2: 151.94 - 1.0% 10-dma envelope
  • RES 1: 150.81/151.13 - High Aug 5 / High Mar 3
  • PRICE: 149.64 @ 16:39 BST Aug 25
  • SUP 1: 148.80 - Low Jul 11
  • SUP 2: 147.07 - Low Jun 20
  • SUP 3: 145.05 - Low Jun 16 and a key support

JGBs have traded lower, ending the recent consolidation. The trend remains bullish though and a pullback is likely a correction. The contract has recently pierced and closed above the 76.4% retracement of the 2022 downleg at 150.56. This strengthens a bullish condition and sets the scene for a continuation higher towards levels not seen since March, at 151.13. Support to watch is at 148.80, Jul 11 low. A break would threaten the bull theme.

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