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(U2)‌‌ Trend Signals Remain Bearish

  • RES 4: 120-19+ High May 26 and bull trigger
  • RES 3: 119-08 50-day EMA
  • RES 2: 117-22/119-16+ 20-day EMA / High Jun 1
  • RES 1: 116-21+ 38.2% of the May 26 - Jun 14 range
  • PRICE: 114-23 @ 11:30 BST Jun 16
  • SUP 1: 114-07+ Low Jun 14
  • 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

The trend needle in Treasuries points south and the contract is weaker today. This week’s break of key support at 116-21, May 9 low, confirmed an extension of the bear leg from May 26 and a resumption of the primary downtrend. The move lower opens 114-00 next. Firm resistance is seen at 117-22, the 20-day EMA. Any rebound would be considered corrective, allowing an oversold trend reading to unwind.

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