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(M2)‌‌ Primary Trend Remains Down

US 10YR FUTURE TECHS
  • RES 4: 122-24+ High Apr 27
  • RES 3: 122-12+ High Apr 4
  • RES 2: 121-09 High Apr 14 and key resistance
  • RES 1: 120-17/18+ 20-day EMA / High Apr 27
  • PRICE: 119-12+ @ 16:08 BST Apr 28
  • SUP 1: 118-08 Low Apr 22 and the bear trigger
  • SUP 2: 118-02+ 0.618 proj of the Mar 7 - 28 - 31 price swing
  • SUP 3: 117-22+ Low Nov 8 2018 (cont)
  • SUP 4: 116-28 0.764 proj of the Mar 7 - 28 - 31 price swing

The trend outlook in Treasuries remains bearish and recent gains are considered corrective. Moving average studies are in a bear mode and fresh cycle lows last week confirmed a resumption of the primary downtrend and an extension of the bearish price sequence of lower lows and lower highs. The focus is on 118-02+ next, a Fibonacci projection. The 20-day EMA is the resistance to watch, at 120-17. It was probed Wednesday, but remains intact for now.

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