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(M3) Bullish Engulfing Candle

US 10YR FUTURE TECHS
  • 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: 116-03 High May 3 and intraday high
  • PRICE: 116-00+ @ 16:45 BST May 3
  • SUP 1: 115-00+ 20-day EMA
  • SUP 2: 114-10 Low May 1
  • SUP 3: 113-30+ Low Apr 19 and key short-term support
  • SUP 4: 113-23 50.0% retracement of the Mar 3 - 24 bull run

Treasury futures surged sharply in US hours on Tuesday and the contract is climbing again Wednesday. Price looks to have cleared the 115-30+ resistance, the Apr 26 high. A solid break would reinforce current bullish conditions and signal scope for a climb towards 116-08 next, the Apr 12 high. Tuesday’s price pattern is a bullish engulfing candle and this also reinforces current conditions, highlighting bullish sentiment. Initial support is at 115-00+, the 20-day EMA.

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