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(U2)‌‌ Corrective Cycle Extends

US 10YR FUTURE TECHS
  • RES 4: 119-03+ 76.4% retracement of the May 26 - Jun 14 bear leg
  • RES 3: 118-25+ 50-day EMA
  • RES 2: 118-06 High Jun 10
  • RES 1: 117-16 Intraday high
  • PRICE: 117-10+ @ 11:30 BST Jun 23
  • SUP 1: 115-20/114-07+ Low Jun 17 / Low Jun 14 and bear trigger
  • SUP 2: 114-00 Round number support
  • SUP 3: 113-19 Low Jun 19, 2009 (cont)
  • SUP 4: 112-27+ 1.236 proj of the Mar 31 - May 9 - 26 price swing

A correction higher in Treasuries remains in play and the contract is firmer today. Price has traded above the 20-day EMA and this suggests potential for a continuation higher, possibly towards 118-06, the Jun 10 high. The primary trend direction remains down. Initial support to watch is 115-20, the Jun 17 low. A break would signal the end of the current corrective cycle and would open the bear trigger at 114-07+.

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