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(M2)‌‌ Corrective Bounce

US 10YR FUTURE TECHS
  • RES 4: 123-04 High Mar 31 and a key resistance
  • RES 3: 122-12+ High Apr 4
  • RES 2: 120-25/121-09 20-day EMA / High Apr 14 and key resistance
  • RES 1: 120-03 High Apr 25
  • PRICE: 120-00+ @ 16:09 BST Apr 25
  • SUP 1: 118-08 Low Apr 22
  • SUP 2: 118-02+ 0.618 proj of the Mar 7 - 28 - 31 price swing
  • SUP 3: 117-22+ Low Nov 8 2018 (cont)
  • SUP 4: 116-28 0.764 proj of the Mar 7 - 28 - 31 price swing

Treasuries have started the week on a firmer note. Short-term gains though are considered corrective and the primary downtrend remains intact. Fresh cycle lows last week confirmed a resumption of the primary downtrend and an extension of the price sequence of lower lows and lower highs. MA studies continue to point south. A resumption of the trend would open 118-02+ next, a Fibonacci projection. Initial firm resistance is at 121-09.

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