July 15, 2024 20:10 GMT
(U4) Short-Term Bull Cycle Remains In Play
JGB TECHS
- RES 3: 148.74 - High Jul 24 (cont)
- RES 2: 147.74 - High Jan 15 and bull trigger (cont)
- RES 1: 144.88/145.95 - High May 8 / High Mar 25
- PRICE: 143.17 @ 21:54 BST Jul 15
- SUP 1: 142.23 - Low Jul 02
- SUP 2: 141.34 - 1.0% 10-dma envelope
- SUP 3: 140.21 - 1.236 proj of Mar 22 - Nov 1 ‘23 - Jan 15 price swing
JGB futures traded higher last week and the contract remains in a short-term bull cycle - for now. This puts prices clear of the early July highs and goes part way to reversing the sell off across June. Resistance remains intact at 144.88, the May 8 high, which will be a focus on an extension of the current bounce. Support sits below at 142.23, the early Jul lows. A break of this level would be bearish.
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