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(U2) Outlook Remains Positive

  • RES 3: 152.26 - High Dec 7 / 21 2021
  • RES 2: 151.98 - 1.0% 10-dma envelope
  • RES 1: 151.13 - High Mar 3
  • PRICE: 150.24 @ 15:31 BST Aug 12
  • 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 are consolidating. A bullish tone remains intact with price trading close to recent highs. Price has pierced and closed above key resistance at the 76.4% retracement for the 2022 downleg at 150.56. This puts prices further above the 200-dma, and strengthens a bullish condition plus sets the scene for a continuation higher with the focus on levels not seen since March at 151.13. Support is at 148.80, the Jul 11 low.

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