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(U3) Corrective Bounce

  • RES 4: 113-16 50-day EMA
  • RES 3: 112-17+ High Jul 3
  • RES 2: 112-12+ Low Jun 14 and the 20-day EMA
  • RES 1: 112-04 High Jul 5
  • PRICE: 111-14+ @ 11:16 BST Jul 11
  • SUP 1: 110-05 Low Jul 6
  • SUP 2: 110-00 Low Nov 9 2022 (cont)
  • SUP 3: 109-14 Low Nov 8 2022 (cont)
  • SUP 4: 109-10+ Low Nov 4 2022 (cont)

Treasury futures remain above last week’s low of 110-05 (Jun 6). The trend outlook is bearish and short-term gains are considered corrective. The break lower last week confirmed a resumption of the downtrend. Note that moving average studies are in a bear mode position, highlighting current conditions. The focus is on the 110-00 handle next. Initial firm resistance is seen at 112-12+, the Jun 14 low.

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