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(M4) Trend Needle Points South

US 10YR FUTURE TECHS
  • RES 4: 109-17+ Channel top drawn from the Feb 1 low
  • RES 3: 109-12+ 50-day EMA High Apr 10
  • RES 2: 108-22+ High Apr 19
  • RES 1: 108-11 20-day EMA
  • PRICE: 107-13+ @ 11:19 BST May 1
  • 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: 106-09 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

Treasuries traded lower Tuesday. The trend outlook is unchanged and the condition remains bearish. Fresh cycle lows last week and a bear mode set-up in moving average studies, highlight 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 108-11, the 20-day EMA.

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