(M3) Bear Cycle Still In Play

• RES 4: 117-01+ High Mar 24 and bull trigger
• RES 3: 116-30 High Apr 5 / 6
• RES 2: 116-08 High Apr 12
• RES 1: 115-00+/23 20-day EMA / High Apr 14
• PRICE: 114-01 @ 11:29 BST Apr 19
• SUP 1: 113-26 Low Mar 22
• SUP 2: 113-23 50.0% retracement of the Mar 3 - 24 bull run
• SUP 3: 113-08+ Low Mar 15
• SUP 4: 112-30 61.8% retracement of the Mar 3 - 24 bull run

Treasury futures remain in a short-term downtrend as the contract extends the pullback from 117-01+, the Mar 24 high. The contract has recently traded through both the 20- and 50-day EMAs and has pierced the 114-00 handle today. This signals scope for weakness to 113-23, a Fibonacci retracement. On the upside, initial firm resistance is seen at 115-00+, the 20-day EMA. A break of this average is required to ease the current bearish threat.