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Large Bobl Risk Reversal


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‌‌(M2)‌‌ Downtrend Intact

  • RES 4: 125-21 50-day EMA
  • RES 3: 124-28+ High Mar 17
  • RES 2: 123-30 20-day EMA
  • RES 1: 123-12 High Mar 23
  • PRICE: 121-28+ @ 15:50 GMT Apr 1
  • SUP 1: 120-30+ Low Mar 28 and the bear trigger
  • SUP 2: 120.28 Low Dec 26 2018 (cont)
  • SUP 3: 120-04+ Low Dec 12/13 2018 (cont)
  • SUP 4: 120.00 Low Dec 6 2018 (cont) and psychological support

A bearish outlook remains intact in Treasuries and recent gains are considered corrective. Initial resistance at 123-12, the Mar 23 high, remains in place and this lies ahead of the 20-day EMA, at 123-30. A resumption of weakness would refocus attention on the recent low of 120-30+ where a break would confirm a continuation of the downtrend and would open the 120-00 handle.

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