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(M2)‌‌ Holding On To Last Week’s Gains

US 10YR FUTURE TECHS
  • RES 4: 122-12+ High Apr 4
  • RES 3: 121-09 High Apr 14
  • RES 2: 120-31 50-day EMA
  • RES 1: 120-10/120-18+ High May 19 / High Apr 27
  • PRICE: 119-28 @ 11:18 BST May 21
  • SUP 1: 118-16/117-08+ Low May 18 / Low May 9 and a bear trigger
  • SUP 2: 116-30 2.0% 10-dma envelope
  • SUP 3: 116-28 0.764 proj of the Mar 7 - 28 - 31 price swing
  • SUP 4: 116.00 Round number support

Treasuries last week traded above 120-00+, May 12 high, and the contract is holding on to its recent gains. The primary trend direction is down though and gains are still considered corrective. Any resumption of strength would open 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 117-08+, May 9 low.

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