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Bearish Retracement Extends

  • RES 4: 117-14+ High Aug 29 / 30 2022 (cont)
  • RES 3: 117-00 61.8% of the Aug - Oct 2022 bear leg (cont)
  • RES 2: 116-28+ High Jan 19 and key resistance
  • RES 1: 115-14+/116-28+ Intraday high / High Mar 20
  • PRICE: 114-19+ @ 10:33 GMT Mar 21
  • SUP 1: 114-01+ Low Mar 17
  • SUP 2: 113-12 50-day EMA
  • SUP 3: 112-21 Low Mar 13
  • SUP 4: 111-28+ 76.4% retracement of the Mar 2 - 20 rally

Treasury futures remain volatile and price continues to pull away from yesterday’s high of 116-24. The next support lies at 114-01+, the Mar 17 low and firmer support is seen at 113-12, the 50-day EMA. A break of this average is required to signal a stronger reversal. A move higher higher would once again refocus attention on the key resistance zone between 116-24, yesterday’s high and 116-28+, the Jan 19 high. This zone is a bull trigger.

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