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(U2)‌‌ Trend Needle Points South

  • RES 4: 120-19+ High May 26 and bull trigger
  • RES 3: 119-19+ 50-day EMA
  • RES 2: 119-16+ High Jun 1
  • RES 1: 116-25/118-10+ High Jun 13 / 20-day EMA
  • PRICE: 115-24+ @ 11:29 BST Jun 14
  • SUP 1: 114-20+ Low Jun 13
  • SUP 2: 114-11 1.00 proj of the Mar 31 - May 9 - 26 price swing
  • SUP 3: 113-19 Low Jun 19, 2009 (cont)
  • SUP 4: 112-27+ 1.236 proj of the Mar 31 - May 9 - 26 price swing

The trend needle in Treasuries continues to point south. Yesterday’s move lower confirmed a break of key support and a bear trigger at 116-21, May 9 low. This has confirmed an extension of the bear leg that started on May 26 and a resumption of the primary downtrend. The move lower signals scope for weakness towards 114-11 next, a Fibonacci projection. Firm resistance is seen at 118-10+, the 20-day EMA.

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