(M4) Bull Cycle Remains In Play

• RES 4: 112-31 2.0% 10-dma envelope
• RES 3: 112-10+ 61.8% retracement of the Feb 1 - 23 bear leg
• RES 2: 112-04 High Feb 7
• RES 1: 111-27 High Mar 7 / 50% retracement of the Feb 1 - 23 bear leg
• PRICE: 111-16+ @ 16:50 GMT Mar 7
• SUP 1: 110-21 Low Mar 4
• SUP 2: 110-05+/109-25+ Low Mar 1 / Low Feb 23 and bear trigger
• SUP 3: 109-14+ Low Nov 28
• SUP 4: 109-12+ 1.764 proj of Dec 27 - Jan 19 - Feb 1 price swing

Treasuries are holding on to their recent gains, and traded a new monthly high Thursday. The contract has topped resistance at the 50-day EMA and the clear break highlights a bullish reversal. This opens 111-27 initially, 50% of the downleg off the Feb 1 high. For bears, a failure to maintain price at or above current levels would return focus back to support at the 109-25+ bear trigger, the Feb 23 low. Initial support to watch lies at 110-21, the Mar 4 low.