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Free Access(M4) Trend Needle Points South
- RES 4: 110-06 High Apr 4
- RES 3: 109-26+ High Apr 10
- RES 2: 109-15 50-day EMA
- RES 1: 108-14 20-day EMA
- PRICE: 107-26+ @ 11:02 BST Apr 30
- SUP 1: 107-04 Low Apr 25
- SUP 2: 106-27 2.764 proj of Dec 27 - Jan 19 - Feb 1 price swing
- SUP 3: 106-11+ Base of a bear channel drawn from the Feb 1 low
- SUP 4: 106-08 3.00 proj of Dec 27 - Jan 19 - Feb 1 price swing
The trend outlook in Treasuries is unchanged and the current direction remains down. The contract traded to a fresh cycle low last week and moving average studies are in a bear-mode set-up too, highlighting a clear downtrend. Note too that the recent consolidation appears to have been a flag formation - a bearish continuation pattern. Sights are on 106-27 next, a Fibonacci projection. Firm resistance is 108-14, the 20-day EMA.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.