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(U3) Short-Term Reversal

US 10YR FUTURE TECHS
  • RES 4: 115-19 High May 18
  • RES 3: 115-10 1.0% 10-dma Envelope
  • RES 2: 115-06+ 50-day EMA
  • RES 1: 115-00 High May 31
  • PRICE: 114-23 @ 16:46 BST Jun 1
  • SUP 1: 114-00 Low May 31
  • SUP 2: 112-29+ Low May 26 / 30
  • SUP 3: 112-16 76.4% retracement of the Mar 2 - May 4 rally
  • SUP 4: 111-20+ Low Mar 10

Treasury futures have recovered from the recent low of 112-29+ and the contract is holding on to the bulk of its recent gains. A potential S/T reversal has occurred. Tuesday’s price pattern is a bullish engulfing candle and Wednesday's gains reinforce the pattern, suggesting scope for an extension to the 50-day EMA at 115-06+. Clearance of the EMA would highlight a stronger reversal. Key support and the bear trigger is 112-29+, the 26 / 30 low.

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