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Re-send: (Z3) Bullish Hammer Candle Formation

US 10YR FUTURE TECHS
  • RES 4: 112-24+ High Jul 27
  • RES 3: 112-14 High Aug 10
  • RES 2: 112-00 Round number resistance
  • RES 1: 110-09 /111-12+ 20-day EMA / High Sep 1 key resistance
  • PRICE: 109-30+ @ 11:32 BST Sep 14
  • SUP 1: 109-03 Low Sep 13
  • SUP 2: 109-00 Round number support
  • SUP 3: 108-20 1.000 proj of the Jul 18 - Aug 4 - Aug 10 price swing
  • SUP 4: 107.23 1.236 proj of the Jul 18 - Aug 4 - Aug 10 price swing

The trend direction in Treasuries remains down and yesterday’s low print of 109-03 reinforces the bearish theme and signals a resumption of the downtrend. However, the recovery from yesterday’s low is a short-term bullish development. The strong daily close highlights a hammer candle formation - a reversal signal. If correct, yesterday’s price action suggests scope for a correction near-term. First resistance to watch is 110-09, the 20-day EMA.

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