‌‌(M2)‌‌ Returning Lower, Cycle Lows in View

• RES 4: 124–21+ 50-day EMA
• RES 3: 124-18 High Mar 21
• RES 2: 123-04 High Mar 31 and a key resistance
• RES 1: 121-07/22-05 High Apr 13 / 20-day EMA
• PRICE: 119-19 @ 13:05 BST Apr 18
• SUP 1: 119-10+ Low Apr 12
• SUP 2: 119-04+ Low Dec 3 2018 (cont)
• SUP 3: 118-02+ 0.618 proj of the Mar 7 - 28 - 31 price swing
• SUP 4: 117-22+ Low Nov 8 2018 (cont)

Treasuries traded to a fresh cycle low of 119-10+ Tuesday before undergoing a corrective bounce. This initial strength faded well into the Thursday close, keeping the outlook bearish for now. This week’s cycle lows have confirmed a resumption of the primary downtrend and an extension of the bearish price sequence of lower lows and lower highs. MA studies also point south and scope is for a move towards 119-04+, Dec 3 2018 low (cont). Key short-term trend resistance is at 123-04, the Mar 31 high.