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(U1)‌‌ Bull Channel Top Remains Intact

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: 134-03/05+ High Jul 8 / Bull channel top off the May 30 low
  • PRICE: 133-12+ @ 16:18 BST Jul 12
  • SUP 1: 133-06+ Low Jul 7
  • SUP 2: 132-30 High Jun 21 and recent breakout level
  • SUP 3: 132-09 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 rallied last week, extending the bull run from the Jun lows. 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 134-05+ today - and a break is needed to confirm the next leg higher. For bears, the channel has identified the upper and lower boundaries of the uptrend. If the channel remains intact, Thursday's high could turn out to be a S/T reversal point.

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