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(U1)‌‌ Bullish Pennant

US 10YR FUTURE TECHS
  • RES 4: 135-22 2.618 proj of Jun 17 - 21 - 25 price swing
  • RES 3: 135-19+ 50% Aug'20 - May'21 Sell-Off
  • RES 2: 134-29/35-14 High Aug 5 / High Aug 04 and the bull trigger
  • RES 1: 134-19+ High Aug 17
  • PRICE: 134-00 @ 19:41 BST Aug 24
  • SUP 1: 133-29 Low Aug 18
  • SUP 2: 133-11+/09+ Trendline drawn from May 30 low / Low Aug 11
  • SUP 3: 132-30 Low Jul 14 and high Jun 21
  • SUP 4: 132-06 Low Jun 30 and Jul 1

Treasury futures continue to consolidate. This activity appears to be a pennant - a bullish formation. Recent gains from just below the 50-day EMA is also a bullish development and 133-09+, Aug 11 low marks support. Fresh gains would open the Aug 4 high at 135-14 where a break would confirm a resumption of the uptrend. Weakness through 133-09+ would also highlight a break of trendline support at 133-11+ and signal a potential reversal.

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