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(U0) Pressure Pointed Higher

US 10YR FUTURE TECHS
  • RES 4: 141-00 1.0% 10-dma envelope
  • RES 3: 140-22+ High Mar 9 and key resistance (cont)
  • RES 2: 140-20 1.00 projection of Jun 5 - 11 rally from Jun 16 low
  • RES 1: 140-06 Jul 31 High
  • PRICE: 140-03+ @ 11:12 BST Aug 4
  • SUP 1: 139-08 Low Jul 28
  • SUP 2: 139-00+ Low Jul 13
  • SUP 3: 138-23+ Low Jul 2 and key near-term support
  • SUP 4: 138-07 Low Jun 16 and reversal trigger

Despite the more muted start Monday, 10yr futures continue to push higher and the outlook remains bullish. 139-25, Mar 25 and Jul 24 high were cleared last week. This confirms a break of a key resistance and has also confirmed a resumption of the underlying uptrend with attention on the March high at 140-22+. On the downside, key support has been defined at 139-08, Jul 28 low a break of which would dent the current bullish tone.

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