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Shooting Star Reversal?

  • RES 4: 118-07 High Aug 23 (cont)
  • RES 3: 117-29+ High Aug 26 2022 (cont)
  • RES 2: 117-14+ High Aug 29 / 30 2022 (cont)
  • RES 1: 116-06+/117-01+ Intraday high / High Mar 24 and bull trigger
  • PRICE: 115-08+ @ 16:41 GMT Mar 27
  • SUP 1: 115-00+ Low Mar 23
  • SUP 2: 114-00/113-26 20-day EMA / Low Mar 22
  • SUP 3: 113-21+ 50-day EMA
  • SUP 4: 113-08+ Low Mar 15

Treasury futures traded higher Friday but stalled at 117-01+. The contract is trading lower today. Early signals suggest that Friday’s candle pattern - a shooting star formation - represents a possible short-term reversal. If correct, this suggests scope for weakness towards the 20-day EMA, at 114-00. The average represents a key support, ahead of 113-26, the Mar 22 low. Key resistance and the bull trigger is at 117-01+.

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