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(H2)‌‌ Resumes It Downtrend

  • RES 4: 129.14 High Jan 5
  • RES 3: 129-00 50-day EMA
  • RES 2: 128-04/22+ 20-day EMA / High Jan 24
  • RES 1: 127-24 High Feb 4
  • PRICE: 126-26 @ 12:04 GMT Feb 7
  • SUP 1: 126-22+ Intraday low
  • SUP 2: 126-17/16 1.0% 10-dma Env / 1.236 of Jan 13-19-24 swing
  • SUP 3: 126-10+ 61.8% retracement of the 2018 - 2020 bull cycle
  • SUP 4: 126-01 1.50 proj of the Jan 13 - 19 - 24 price swing

Treasuries extended lower Friday. The sell-off resulted in a break of support at 127-02, the Jan 19 low and bear trigger. Furthermore, the move lower has confirmed a resumption of the downtrend and cleared the base of a recent triangle or pennant formation. With moving average studies also pointing south, attention is on weakness towards 126-16 next, a Fibonacci projection and 126-10+, a retracement level. Initial resistance is at 127-24.

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