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Approaching Cycle Lows *RES.....>

US 5YR FUTURE TECHS
US 5YR FUTURE TECHS: Approaching Cycle Lows
*RES 4: 113-22    Top of Triangle beginning May
*RES 3: 113-10/11 100-DMA/50-DMA
*RES 2: 113-00    Bottom of Triangle beginning May
*RES 1: 112-69    50% 113-277-112.10
*PRICE: 112-13+   @ 09:20 GMT, Sep 20
*SUP 1: 112-10+   Sep 19 low
*SUP 2: 111-092   61.8% retracement from top of 102-26 / 125-00 range in 2007-18
*SUP 3: 109-257   Sep 30 2008 low
*SUP 4: 108-15    2008 lows
Having touched multi-year lows of 112-10+, the recovery has failed to gain
traction suggesting the recent downtrend is set to continue. Bears target a
break of the 112-00 level, below here opens 111-092 which represents the 61.8%
retracement from top of 102-26 / 125-00 range in 2007-18. Bulls initially need
to reclaim the 100-dma & Aug highs to change the short-term outlook, before
chalenging triangle top resistance.

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