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(U1)‌‌ Attention Is On The Channel Top

US 10YR FUTURE TECHS
  • RES 4: 134-19 38.2% 2020 - 2021 Sell-off
  • RES 3: 134-12+ High Feb 26 (cont)
  • RES 2: 134-06 1.618 proj of the Jun 17 - 21 - 25 price swing
  • RES 1: 134-03/06+ High Jul 8 / Bull channel top off the May 30 low
  • PRICE: 133-14+ @ 11:51 BST Jul 13
  • SUP 1: 133-06+ Low Jul 7
  • SUP 2: 132-30 High Jun 21 and recent breakout level
  • SUP 3: 132-10 Bull channel base drawn off the May 30 low
  • SUP 4: 131-24+/14 Low Jun 25 / Low Jun 17 and a key support

Treasury futures remain below last week's high. A bullish theme remains in place though. Last week's 134-03 high marked a test of the bull channel top drawn from the May 30 low. The channel top remains intact, at 134-06+ today and a break is needed to confirm the next leg higher. The channel has identified the upper and lower boundaries of the uptrend. A deeper retracement would signal scope for a move towards the channel base.

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