May 22, 2024 16:20 GMT
(M4) Pullback Appears To Be A Correction
US 10YR FUTURE TECHS
- RES 4: 110-16 50.0% retracement of the Feb 1 - Apr 25 bear leg
- RES 3: 110-06 High Apr 4
- RES 2: 110-00 Round number resistance
- RES 1: 109-31+ High May 16 and the bull trigger
- PRICE: 109-04+ @ 17:15 BST May 22
- SUP 1: 108-29/108-15 20-day EMA / Low May 14 and key support
- SUP 2: 108-06 Low May 3
- SUP 3: 107-25 Low May 2
- SUP 4: 107-04 Low Apr 25 and the bear trigger
Despite the latest pullback in Treasuries - a correction, the short-term trend condition remains bullish. The contract last week moved through resistance at the top of a bear channel, drawn from the Feb 1 high. Note that resistance at 109-09+, the May 3 high, has also been cleared. This strengthens a bullish condition and signals scope for an extension higher. Sights are on the 110-00 handle next. Initial key support is at 108-15, the May 14 low.
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