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‌‌(H2)‌‌ Path Of Least Resistance Remains Down

US 10YR FUTURE TECHS
  • RES 4: 128-14 50-day EMA
  • RES 3: 127-24 High Feb 4
  • RES 2: 127-05+ 20-day EMA
  • RES 1: 127-01 High Feb 7
  • PRICE: 125-25 @ 15:35 GMT Feb 16
  • SUP 1: 125-17+ Low Feb 10 and the bear trigger
  • SUP 2: 125-06+ Low May 30 2019 (cont)
  • SUP 3: 125-04+ 2.00 proj of the Jan 13 - 19 - 24 price swing
  • SUP 4: 124-11 2.0% 10-dma envelope

Treasuries stalled at Monday’s high and are trading broadly flat at the Wednesday crossover. Price is approaching its recent low of 125-17+ where a break would confirm a resumption of the current downtrend. A bearish sequence of lower lows and lower highs, together with a bear mode set-up in moving averages suggests the path of least resistance remains down. Scope is seen for a move to 125-06+ next, 30 May 2019 low (cont). Firm resistance is seen at 127-01.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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