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(U0) Bounce Still Considered Corrective

US 30YR FUTURE TECHS
  • RES 4: 181-10 High Aug 11
  • RES 3: 180-00 61.8% retracement of the Aug 6 - 13 move lower
  • RES 2: 180-11 50.0% retracement of the Aug 6 - 13 move lower
  • RES 1: 180-00 Intraday high
  • PRICE: 179-17 @ 11:49 BST, Aug 24
  • SUP 1: 178.00 Low Aug 19
  • SUP 2: 177-16 Low Aug 13 and the bear trigger
  • SUP 3: 177-06 Low Jul 6 and key near-term support
  • SUP 4: 177-02 50% retracement of the Jun - Aug rally
30yr futures are holding onto last week's gains although some resistance has been found today. Note, last week's recovery is still considered a correction. The broader outlook remains bearish following the Aug 6 - 13 sell-off. Recently, price traded through the 50- and 100-dmas reinforcing bearish conditions. Attention is on 177-06, Jul 6 low and 177-02, a retracement level. A break would open sub 176-00 levels. Resistance is seen at 180-11.

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