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(M3) Bullish Engulfing Candle Remains In Play

US 10YR FUTURE TECHS
  • RES 4: 117-29+ High Aug 26 2022 (cont)
  • RES 3: 117-01+ High Mar 24 and bull trigger
  • RES 2: 116-30 High Apr 5 / 6
  • RES 1: 116-25+ Intraday high
  • PRICE: 116-09+ @ 11:20 BST May 4
  • SUP 1: 115-17+/03+ Low May 3 / 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 have continued to appreciate and despite today’s pullback from the intraday high, the outlook remains bullish. The focus is on 116-30 next, the Apr 5 / 6 high. Tuesday’s price pattern is a bullish engulfing candle and this also reinforces current conditions, highlighting bullish sentiment and signalling scope for a test of 117-01+, the Mar 24 high and bull trigger. Initial firm support is at 115-03+, the 20-day EMA.

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