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(U2)‌‌ Trades Through Trendline Support

  • RES 4: 122-29+ High Mar 31
  • RES 3: 122-16 2.0% 10-dma envelope
  • RES 2: 120-29/122-02 High Aug 4 / High Aug 02
  • RES 1: 120-22 High Aug 10
  • PRICE: 119-07+ @ 15:09 BST Aug 12
  • SUP 1: 118-30+/30 Low Aug 12 / Jul 22
  • SUP 2: 118-05 50.0% retracement of the Jun 14 - Aug 2 bull cycle
  • SUP 3: 117-14+ Low Jul 21 and key near-term support
  • SUP 4: 117-07 61.8% retracement of the Jun 14 - Aug 2 bull cycle

Treasuries head into the Friday close near the worst levels of the week. The contract has breached trendline support at 119-16. The trendline is drawn from the Jun 16 low. The recent move lower is still considered corrective, however, the trendline break suggests a deeper retracement is likely near-term. This has opened 118-05, a Fibonacci retracement. Initial resistance to watch is 120-22, the Aug 10 high. A break would signal a possible bullish reversal.

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