(M2)‌‌ Bear Trend Extends

• RES 4: 124–21+ 50-day EMA
• RES 3: 124-18 High Mar 21
• RES 2: 123-04 High Mar 31 and a key resistance
• RES 1: 121-06+/22-19 High Apr 7 / 20-day EMA
• PRICE: 120-14+ @ 15:53 BST Apr 12
• SUP 1: 119-10+ Intraday low
• SUP 2: 119-04+ Low Dec 3 2018 (cont)
• SUP 3: 118-02+ 0.618 proj of the Mar 7 - 28 - 31 price swing
• SUP 4: 117-22+ Low Nov 8 2018 (cont)

Treasuries have traded to a fresh cycle low of 119-10+ Tuesday, but rallied on a softer-than-expected CPI print. Nonetheless, rallies appear corrective now, with the earlier break lower confirming a resumption of the primary downtrend and the bearish price sequence of lower lows and lower highs. Moving average studies are also pointing south and scope is seen for a move towards 119-04+ next, the Dec 3 2018 low (cont). Key short-term trend resistance has been defined at 123-04, the Mar 31 high.