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‌‌(M2)‌‌ Bounce Considered Corrective

US 10YR FUTURE TECHS
  • RES 4: 123-04 High Mar 31 and a key resistance
  • RES 3: 122-12+ High Apr 4
  • RES 2: 120-21/121-09 20-day EMA / High Apr 14 and key resistance
  • RES 1: 120-13 High Apr 26
  • PRICE: 120-10 @ 16:11 BST Apr 26
  • 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

No change in the trend direction in Treasuries. Gains are considered corrective and the primary downtrend remains intact. Fresh cycle lows last week confirmed a resumption of the primary bear cycle and an extension of the price sequence of lower lows and lower highs. Moving average 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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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