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(H1)‌‌ Breaches Key Support

  • RES 4: 138-08 High Nov 20 / 30, Dec 21 and a bull trigger
  • RES 3: 137-29+ High Jan 6
  • RES 2: 137-19+ Low Dec 16
  • RES 1: 137-08+ Low Dec 2
  • PRICE: 136-27+ @ 11:34 GMT Jan 8
  • SUP 1: 136-23+ Intraday low
  • SUP 2: 136-21+ 61.8% retracement of the mar - Aug rally (cont)
  • SUP 3: 136-04+ 1.00 proj of the Nov 5 - 11 sell-off from Nov 30 high
  • SUP 4: 136-00 Round number support

Treasuries traded lower again yesterday and remain weak. Futures have cleared support at 136-26, Nov 11 low and a bear trigger. The break confirms a resumption of the downtrend that started August 2020. This signals scope for weakness towards 136-21+ next, 61.8% of last year's Mar - Aug rally (cont). On the upside, initial resistance is seen at 137-08+, Dec 2 low. Price would need to get back above 137-19+ to ease the bearish threat.

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