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(M3) Remains Vulnerable

US 10YR FUTURE TECHS
  • RES 4: 117-01+ High Mar 24 and bull trigger
  • RES 3: 117-00 High May 4
  • RES 2: 115-18+/116-16 High May 16 / 11
  • RES 1: 114-05/114-27 High MAy 19 / 50-day EMA
  • PRICE: 113-25 @ 11:00 BST May 22
  • SUP 1: 113-08+ Low Mar 15
  • SUP 2: 112-30 61.8% retracement of the Mar 2 - 24 rally
  • SUP 3: 112-21 Low Mar 13
  • SUP 4: 111-31 76.4% retracement of the Mar 2 - 24 rally

Treasury futures remain soft following last week’s bearish activity. 113-30+ , the Apr 19 low and a key support, has been breached, strengthening the case for bears. A continuation lower would open 112-30, a Fibonacci retracement. On the upside, firm resistance is seen at 115-18+, the May 16 high. Ahead of 115-18+ is resistance at the 50-day EMA, at 114-27, and a key short-term hurdle for bulls.

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