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(H1)‌‌ New Cycle Lows

US 10YR FUTURE TECHS
  • RES 4: 137-03+ 50-day EMA
  • RES 3: 137-02 High Feb 11 and key resistance
  • RES 2: 136-15 High Feb 15
  • RES 1: 136-02 High Feb 18
  • PRICE: 135-05+ @ 16:13 GMT Feb 24
  • SUP 1: 134-27+ Low Feb 24
  • SUP 2: 134-22 1.382 proj of Jan 4 - Jan 12 sell-off from Jan 27 high
  • SUP 3: 134-17+ 1.0% 10-dma Envelope
  • SUP 4: 134-10 50% Retracement Dec 2019 - Mar 2020 Rally

Despite early signs of stabilisation, new cycle lows were printed in 10y futures ahead of the Wednesday close, shifting the low watermark down to 134-27+. Further weakness exposes the 1.382 projection support of 134-22, with markets also taking out downtrend support on the latest downleg. Initial firm resistance remains at 136-15.

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