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(U2) Corrective Pullback Steadies

  • 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: 149.49 @ 16:44 BST Sep 8
  • SUP 1: 148.79 - Low Sep 7
  • SUP 2: 147.07 - Low Jun 20
  • SUP 3: 145.05 - Low Jun 16 and a key support

JGBs bounced off the pullback low printed Wednesday, but the recoveries remain short of any nearby resistance levels, keeping the current phase of consolidation in place. The more medium-term trend remains bullish and pullbacks at this stage likely are corrective in nature. 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 148.79, Sep 7 low. A break would threaten the bull theme.

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