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(M4) Bearish Despite Bounce

US 10YR FUTURE TECHS
  • RES 4: 111-24 High Mar 12
  • RES 3: 111-10+ High Mar 13
  • RES 2: 110-24+/31+ 50-day EMA / High Mar 27 and key resistance
  • RES 1: 110-06 High Apr 4
  • PRICE: 109-20+ @ 16:59 BST Apr 09
  • SUP 1: 109-00 Round number support
  • SUP 2: 108-25+ 2.00 proj of Dec 27 - Jan 19 - Feb 1 price swing
  • SUP 3: 108-06+ 2.236 proj of Dec 27 - Jan 19 - Feb 1 price swing
  • SUP 4: 108-00 Round number support

A downtrend in Treasuries remains intact despite the bounce posted across the Tuesday session. An overriding bear trend remains intact. The contract has cleared support at 109-09+, the Apr 3 low, confirming a resumption of this year's downtrend. The break lower opens the 109-00 handle and 108-25+, a Fibonacci projection level. Key short-term resistance has been defined at 110-31+, the Mar 27 high. First resistance to watch is 110-06, the Apr 4 high.

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