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(M2)‌‌ Trend Needle Still Points South

US 10YR FUTURE TECHS
  • RES 4: 123-04 High Mar 31 and a key resistance
  • RES 3: 122-12+ High Apr 4
  • RES 2: 121-06+/09 20-day EMA / High Apr 14 and a key resistance
  • RES 1: 120-00+ High Apr 18
  • PRICE: 119-07 @ 11:04 BST Apr 21
  • SUP 1: 118-19+ Low Apr 20
  • 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

Treasuries remain soft and futures are trading closer to recent lows. Yesterday's sell-off resulted in a fresh cycle low of 118-19+. This confirms a resumption of the primary downtrend and an extension of the price sequence of lower lows and lower highs. Moving average studies also point south. The focus is on 118-02+ next, a Fibonacci projection. Initial firm resistance is unchanged at 121-09, the Apr 14 high.

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