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(U9) Retains upside pressure *RES 3:......>

JGB TECHS
JGB TECHS: (U9) Retains upside pressure
*RES 3: 158.42 - Multi-year Up trendline Resistance
*RES 2: 155.44 - 3.0% Upper Bollinger Band
*RES 1: 154.95 - Cycle High
*PRICE: 154.90 @ 14:57 GMT, Aug 14
*SUP 1: 154.57 - 23.6% 152.32 - 154.95
*SUP 2: 153.80 - 50-dma
*SUP 3: 153.32 - 100-dma
JGB futures hit fresh cycle highs Tuesday before fading, and made another decent
attempt on the level Wednesday. It's clear the upside pressure is still present,
allowing bulls to retain focus on vol band resistance at 155.44 and the recent
cycle highs. Downside arguments remain strong, however, with a number of
technical indicators flagging overbought conditions (particularly on the RSI &
MACD studies). To the downside, a break and close below Fib support at 154.57
would work in favour of bears, before challenging the 50-dma and the mid-May
lows of 152.69.

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