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(Z0)‌ Holding Onto The Recent Bounce

US 10YR FUTURE TECHS
  • RES 4: 139-10+ Bear channel top drawn off the Aug 4 high
  • RES 3: 139-08+ High Nov 5
  • RES 2: 138-24+ High Nov 9
  • RES 1: 138-10+ High Nov 13 and 20-day EMA
  • PRICE: 138-08+ @ 16:18 GMT Nov 17
  • SUP 1: 137-19+ Low Nov 12
  • SUP 2: 137-08 1.500 proj of Aug 4 - 28 decline from Sep 3 high
  • SUP 3: 137-01+ 1.618 proj of Aug 4 - 28 decline from Sep 3 high
  • SUP 4: 136-25+ 1.764 proj of Aug 4 - 28 decline from Sep 3 high

Treasuries are trading closer to the upper end of the recent range. Recent gains though are still considered a correction. The break lower on Nov 9 resulted in a move through 137-20+, Nov 4 low. This confirmed a resumption of the downtrend since early August and maintains the bearish price sequence of lower lows and lower highs. Initial resistance is seen at 138-11+. The bear trigger is at 137-08. Initial resistance is at 138-10+.

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