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‌‌(M2)‌‌ Heading South

US 10YR FUTURE TECHS
  • RES 4: 122-02 50-day EMA
  • RES 3: 122-12+ High Apr 4
  • RES 2: 121-09 High Apr 14 and a reversal point
  • RES 1: 119-22+/120-18+ 20-day EMA / High Apr 27
  • PRICE: 118-02+ @ 16:49 BST May 6
  • SUP 1: 117-19+ Low May 6
  • SUP 2: 116-28 0.764 proj of the Mar 7 - 28 - 31 price swing
  • SUP 3: 116-20 2.0% 10-dma envelope
  • SUP 4: 116.00 Round number support

Treasuries remain bearish and traded to a fresh cycle low on Friday. Support at 118-08, Apr 22 low, has been cleared, confirming a resumption of the primary downtrend and an extension of lower lows and lower highs. Moving average studies remain in a bear mode, reinforcing current conditions. Sights are on 116-28 next, the 0.764 proj of the Mar 7 - 28 - 31 price swing. Key short-term resistance is unchanged at 120-18+, Apr 27 high.

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