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(M2)‌‌ Trend Needle Still Points South

US 10YR FUTURE TECHS
  • RES 4: 122-06 50-day EMA
  • RES 3: 122-12+ High Apr 4
  • RES 2: 121-09 High Apr 14 and a reversal point
  • RES 1: 119-30+/120-18+ 20-day EMA / High Apr 27
  • PRICE: 118-17 @ 11:22 BST May 4
  • SUP 1: 118-04+ Low May 3
  • 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 bearish. The contract initially traded lower Tuesday to probe support at 118-08, Apr 22 low and a bear trigger. This signals a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. MA studies remain in a bear mode. Potential is seen for weakness towards 118-02+ next, a Fibonacci projection and 117-22+, the Nov 8 2018 low (cont). Key short-term resistance is at 120-18+.

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