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‌‌(M1)‌‌ Bearish Risk Remains Present

US 10YR FUTURE TECHS
  • RES 4: 134-30+ High Feb 18
  • RES 3: 134-20 High Feb 24
  • RES 2: 134-06+ High Feb 25 and key near-term resistance
  • RES 1: 133-23 High Mar 2
  • PRICE: 133-02+ @ 16:06 GMT Mar 4
  • SUP 1: 132-26 Low Mar 3
  • SUP 2: 131-31 Low Feb 25 and the bear trigger
  • SUP 3: 131-27+ 38.2% Fib 2018 - 2020 Rally (cont)
  • SUP 4: 130-31 76.4% of the Dec 2019 - Mar 2020 rally

The outlook in US 10y futures remains bearish and Wednesday's sell-off reinforces the bearish theme. Price is still trading with the body of price action from Feb 25. In candle terms the pattern on this day is a bearish standard line - a continuation pattern. Sub 131-31 levels, Feb 25 low would confirm a resumption of the downtrend and open 131-27+, a key Fibonacci retracement. Firm resistance is at 134-06+, Feb 25 high.

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

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