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Key Near-Term Support Stays Intact

US 10YR FUTURE TECHS
  • RES 4: 117-14+ High Aug 29 / 30 2022 (cont)
  • RES 3: 117-00 61.8% of the Aug - Oct 2022 bear leg (cont)
  • RES 2: 116-28+ High Jan 19 and key resistance
  • RES 1: 115-191+/116-24 High Mar 24 / 20
  • PRICE: 115-06 @ 10:14 GMT Mar 23
  • SUP 1: 113-26 Low Mar 22
  • SUP 2: 113-15 50-day EMA
  • SUP 3: 113-08+ Low Mar 15
  • SUP 4: 112-26 61.8% retracement of the Mar 2 - 20 rally

Treasury futures touched a low of 113-26 on Wednesday, before rebounding. The move higher leaves a firm support at the 50-day intact - at 113-15. A break of this average is required to signal a stronger reversal. This would open 112-26, a Fibonacci retracement. For bulls, a continuation higher higher would refocus attention on the key resistance zone between 116-24, Monday’s high and 116-28+, the Jan 19 high. This zone is a bull trigger.

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