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BONDS

Off Lows

GILT TECHS

(Z1) Remains Heavy

INDIA

Indian Issuance Plan Looms

SCHATZ TECHS

(Z1) Trend Conditions Remains Bearish

BOBL TECHS

(Z1) Needle Still Points South

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  • 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: 135-09 High Feb 25
  • RES 1: 135-07 High Jul 20
  • PRICE: 134-13+ @ 11:49 BST Jul 21
  • SUP 1: 133-26 Low Jul 19
  • SUP 2: 132-30+ Low Jul 14 and High Jun 21
  • SUP 3: 132-22 50-day EMA
  • SUP 4: 132-17 Bull channel base drawn off the May 30 low

Treasury futures rallied further Tuesday although price has pulled back from this week's high. The outlook is bullish following Monday's breach of a bull channel top drawn from the Mar 30 low. Note too that the 200-dma has been probed. A close above the average, would be the first material break above the average since late 2018. The focus is on 135-19+, a Fibonacci retracement. Support is at 133-26, Jul 19 low.