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Front End Leads The Bid


Pullback In TY Skew Seen During Recent Bid

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(H18) Recovery Falters Just.....>

US 5YR FUTURE TECHS: (H18) Recovery Falters Just Below 50% Fibo Retrace Level
*RES 4: 116-277/282 76.4% of 117-032/116-032, Nov 28 high
*RES 3: 116-227/230 Dec 1 high, 61.8% Fibo of 117-032/116-032
*RES 2: 116-190/192 Dec 13 high, 50% Fibo of 117-032/116-032
*RES 1: 116-162 Hourly resistance
*PRICE: 116-070 @1141GMT
*SUP 1: 116-070/092 Hourly support
*SUP 2: 116-032 Dec 13 low
*SUP 3: 115-317 10 week bear channel base projection
*SUP 4: 115-152 3 month bear channel base projection
*COMMENTARY* The 116-052 area which provided previous protection to the downside
this month, was put under pressure last Wednesday. A low of 116-032 before
seeing a bounce back above 116-170/116-177 resistance. This now sees 116-192 as
the next Fibo retrace, the 50% in the fall seen since the 117-032 high of early
November. Will need to cross back above here, before chances improve for a
further 116-227/116-282 rise. Support moves to 116-070 ahead of 116-032.

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