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(M4) Trend Needle Points South

US 10YR FUTURE TECHS
  • RES 4: 109-15+ Channel top drawn from the Feb 1 low
  • RES 3: 109-11 50-day EMA High Apr 10
  • RES 2: 108-22+ High Apr 19
  • RES 1: 108-10 20-day EMA
  • PRICE: 108-04+ @ 17:17 BST May 2
  • 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 are in consolidation mode and remain above recent lows. The trend outlook is unchanged and the primary direction remains down . Fresh cycle lows recently and a bear mode set-up in moving average studies, highlight a clear downtrend. Sights are on 106-27 next, a Fibonacci projection. Firm resistance is 108-10, the 20-day EMA. A clear breach of the average would signal scope for a stronger short-term correction.

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