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(H1) Bearish Threat Still Present

US 30YR FUTURE TECHS
  • RES 4: 176-09 High Nov 6
  • RES 3: 175-21 High Nov 20 and the bull trigger
  • RES 2: 175-10 High Nov 30
  • RES 1: 173-16 High Dec 8
  • PRICE: 172-25 @ 11:35 GMT Dec 10
  • SUP 1: 171-04 Low Dec 4
  • SUP 2: 170-22 Low Nov 11 and key support
  • SUP 3: 170-00 Round number support
  • SUP 4: 169-15 1.00 proj of Nov 5 - 11 downleg from Nov 20 high

30yr futures bearish risk remains present. The contract traded sharply lower last week highlighting a reversal of the recent Nov 11 - 20 recovery. Further weakness would reinforce a developing bearish threat and signal scope for a move towards 170-22, the Nov 11 low and key support. Clearance of 170-22 would confirm a resumption of the downtrend that started early August. On the upside, initial firm resistance is at 173-16, Dec 8 high.

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