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(M4) Approaching Channel Resistance

US 10YR FUTURE TECHS
  • RES 4: 110-06 High Apr 4
  • RES 3: 109-22+ 38.2% retracement of the Feb 1 - Apr 25 bear leg
  • RES 2: 109-11 Channel top drawn from the Feb 1 low
  • RES 1: 109-09/09+ 50-day EMA . High May 3
  • PRICE: 109-00 @ 11:14 BST May 6
  • SUP 1: 108-12 20-day EMA
  • SUP 2: 107-04 Low Apr 25
  • SUP 3: 106-27 2.764 proj of Dec 27 - Jan 19 - Feb 1 price swing
  • SUP 4: 106-09 Base of a bear channel drawn from the Feb 1 low

Treasuries rallied Friday and the contract is holding on to the bulk of its recent gains. The move higher strengthens a bullish short-term. The contract is through the 20-day EMA and has tested resistance at 109-09, the 50-day EMA. Price is also approaching 109-11, a channel top drawn from the Feb 1 high. Clearance of the 109-09/11 zone would strengthen a bullish theme. Initial support lies at 108-12, the 20-day EMA.

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