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(M1)‌‌ Bearish Standard Line Still In Play

  • RES 4: 135-13 Low Feb 8
  • RES 3: 134-20 High Feb 24
  • RES 2: 134-06+ High Feb 25 and key near-term resistance
  • RES 1: 133-17 Intraday high
  • PRICE: 133-07+ @ 11:17 GMT Mar 2
  • SUP 1: 132-08 Low Feb 26
  • 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

Despite the recovery off last week's 131-31 low, the outlook in US 10y futures remains bearish. 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. A break of 131-31, Feb 25 low would confirm a resumption of the downtrend and open 131-27+, a key Fibonacci retracement. Initial firm resistance is seen at 134-06+, Feb 25 high.

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