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(H3)‌‌ Bear Threat Remains Present

  • RES 4: 115-22+ High Feb 3
  • RES 3: 115-00 Round number resistance
  • RES 2: 114-10+ 20-day EMA
  • RES 1: 114-02 50-day EMA
  • PRICE: 113-21+ @ 11:30 GMT Feb 9
  • SUP 1: 113-05+ Feb 7 Low
  • SUP 2: 112-29 76.4% retracement of the Dec 30 - Jan 19 bull run
  • SUP 3: 112-18+ Low Jan 5
  • SUP 4: 112-13 Trendline support drawn from the Oct 21 low

Treasury futures are trading closer to their recent lows. Recent weakness highlights a bearish cycle and signals scope for an extension lower. The contract has breached 114-05+, the Jan 30 low and a short-term bear trigger. Note that price has also cleared the 50-day EMA. This opens 112-29 next - a Fibonacci retracement. Initial firm resistance to watch is seen at 114-10+, the 20-day EMA.

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