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(M9) Rallies Sold But Upside...>

US 10YR FUTURE TECHS: (M9) Rallies Sold But Upside Pressure Still Present
*RES 3: 125-26+ 50% 134-07+-117-13+
*RES 2: 124-31 Mar 27 high
*RES 1: 123-29+ Apr 10 high
*PRICE: 123-31 @ 16:06 BST, May 8
*SUP 1: 122-15+ 100-dma
*SUP 2: 122-02/121-02 38.2% 117-13+-124-31/Jan 18 low
*SUP 3: 120-27/04+ 200-dma/Dec 12-13 lows
Having closed above 124 Tuesday, bulls managed to show above the May 1 high at
124-04 briefly Wednesday before markets pulled back ahead of the close. While
the price action remained negative for much of the US session, medium-term
momentum still points higher. Topside focus turns to a break of 124-13+, the
76.4% Fib retracement for the 124-31 - 122-20+ move. A recovery above here opens
the Mar 27 high at 124-31 and the 50% retracement at 125-26+. On the downside a
break below the 55-dma at 123-06 and Friday's low at 122-30 is needed to suggest
further weakness towards the April 17 low & 100-dma at 122-20/15+.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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