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(M2)‌‌ Fresh Cycle Low Once Again

  • RES 4: 126-04 High Mar 14
  • RES 3: 124-21+ 20-day EMA
  • RES 2: 123-25+ Low Mar 16 and a recent breakout level
  • RES 1: 121-29+/123-12 Intraday high / High Mar 23
  • PRICE: 121-10+ @ 11:10 GMT Mar 28
  • SUP 1: 120-30+ Intraday low
  • 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

Treasuries remain in a downtrend and futures have traded to a fresh cycle low today. This confirms a resumption of the downtrend and maintains the bearish sequence of lower lows and lower highs. Moving average conditions remain in a bear mode, highlighting current sentiment. The break lower signals scope for weakness towards 120-28 next ahead of the psychological 120-00 handle. Resistance is seen at 123-12, the Mar 23 high.

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