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Outlook Is Bullish, Despite Fade Off High

US 10YR FUTURE TECHS
  • RES 4: 116-28+ High Jan 19 and key resistance
  • RES 3: 116-08 High Feb 2
  • RES 2: 116-00 Round number resistance
  • RES 1: 115-31 High Mar 15
  • PRICE: 114-12+ @ 17:06 GMT Mar 16
  • SUP 1: 114-09+/113-08+ 61.8% of Wednesday rally / Low Mar 15
  • SUP 2: 113-05 50-day EMA
  • SUP 3: 112-21 Low Mar 13
  • SUP 4: 112-09+ 20-day EMA

Treasury futures continue to trade in a volatile manner and the contract recovered convincingly from Wednesday’s intraday low of 113-08+. The rally took out Monday’s high of 115-13 with little effort to confirm an extension of the recent impulsive bull cycle and open the 116-00 handle next. Price remains below yesterday’s high. Key support to watch is 113-05, the 50-day EMA. A clear break would be seen as a bearish development.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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