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(U0) Bears Pausing For Breath

US 10YR FUTURE TECHS
  • RES 4: 140-20 1.00 projection of Jun 5 - 11 rally from Jun 16 low
  • RES 3: 140-13 Aug 4 / 5 / 6 high and major resistance
  • RES 2: 139-30 High Aug 11
  • RES 1: 139-16+ 20-day EMA
  • PRICE: 139-13 @ 15:59 BST Aug 18
  • SUP 1: 138-28+ Low Aug 12 / 13 and the 100-dma
  • SUP 2: 138-23+ Low Jul 2
  • SUP 3: 138-07 Low Jun 16
  • SUP 4: 138-03+ 61.8% retracement of the Jun - Aug rally

Despite recovering off recent lows, Treasuries are likely to remain bearish following the recent sell-off. Short-term gains are considered a correction. Last week saw the contract trade through the 139-00 handle reinforcing bearish conditions. Attention is on 138-23+, Jul 2 low. A break would open 138-17+, a Fibonacci retracement level. On the upside, overhead resistance is seen at 139-16+, the 20-day EMA. Primary resistance remains 140-13.

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