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(Z0) Corrective Cycle Extends

US 30YR FUTURE TECHS
  • RES 4: 176-10 High Oct 15 and a key resistance
  • RES 3: 175-27 High Nov 5 and the bull trigger
  • RES 2: 173-24/174-02 High Nov 9 / 50-day EMA
  • RES 1: 173-15 Intraday high
  • PRICE: 172-28 @ 11:56 GMT Nov 18
  • SUP 1: 171-09 Low Nov 16
  • SUP 2: 169-16 Low Nov 11 and the bear trigger
  • SUP 3: 168-19 1.236 proj of Aug 6 - 28 sell-off from Sep 3 high
  • SUP 4: 167-14 1.382 proj of Aug 6 - 28 sell-off from Sep 3 high

30yr futures outlook remains bearish following the sharp move lower last week and despite extending the most recent recovery. Weakness early last week saw price clear key support at 170-07, Nov 4 low and negate the Nov 4 reversal signal - a bullish engulfing candle. This confirmed a resumption of the downtrend in place since early August and maintains the bearish price sequence of lower lows and lower highs. Firm resistance is seen at 174-02.

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