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(M2)‌‌ Corrective Bounce Extends

US 10YR FUTURE TECHS
  • RES 4: 122-12+ High Apr 4
  • RES 3: 121-16 50-day EMA
  • RES 2: 121-09 High Apr 14
  • RES 1: 120-01/120-18+ High Apr 28 / High Apr 27
  • PRICE: 119-27+ @ 11:14 BST May 12
  • SUP 1: 118-03+/117-08+ Low May 11 / Low May 9 and a bear trigger
  • SUP 2: 116-28 0.764 proj of the Mar 7 - 28 - 31 price swing
  • SUP 3: 116-09+ 2.0% 10-dma envelope
  • SUP 4: 116.00 Round number support

The primary downtrend in Treasuries remains intact, however a corrective (bullish) cycle has been established and this suggests potential for gains near-term. The contract has traded above the 20-day EMA, at 119-10+, and this opens 120-18+, the Apr 27 high. This level represents an important short-term resistance where a break would signal scope for a stronger retracement. Key support and the bear trigger is at 117-08+.

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