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(M4) Pullback Considered Corrective

US 10YR FUTURE TECHS
  • RES 4: 113-08+ 2.0% 10-dma envelope
  • RES 3: 112-29+ 76.4% retracement of the Feb 1 - 23 bear leg
  • RES 2: 112-10+ 61.8% retracement of the Feb 1 - 23 bear leg
  • RES 1: 112-04+ High Mar 8
  • PRICE: 111-04+ @ 10:17 GMT Mar 13
  • SUP 1: 111-02+ Low Mar 12
  • SUP 2: 110-21 Low Mar 4
  • SUP 3: 110-05+/109-25+ Low Mar 1 / Low Feb 23 and bear trigger
  • SUP 4: 109-14+ Low Nov 28

A bullish theme in Treasuries remains intact despite this week’s step lower following the US CPI release. The recent upside break of the 50-day EMA and the breach of 111-27, 50% of the downleg off the Feb 1 high, reinforces a bullish theme. A resumption of gains would open 112-10+, the 61.8% retracement. For bears, a stronger reversal lower would return focus back to 109-25+, Feb 23 low and bear trigger. Initial firm support is 110-21, Mar 4 low.

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