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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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  • RES 4: 139-13 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: 137-29+ High Nov 10
  • PRICE: 137-14+ @ 11:46 GMT Nov 11
  • SUP 1: 137-08 1.500 proj of Aug 4 - 28 decline from Sep 3 high
  • SUP 2: 137-01+ 1.618 proj of Aug 4 - 28 decline from Sep 3 high
  • SUP 3: 137-00 Round number support
  • SUP 4: 136-25+ 1.764 proj of Aug 4 - 28 decline from Sep 3 high

Treasuries maintain a bearish tone following this week's sell-off. The break lower Monday resulted in a move through key support at 137-20+, Nov 4 low and negated the Nov 4 reversal signal - a bullish engulfing candle. The break lower confirms a resumption of the downtrend that has been in place since early August and maintains the bearish price sequence of lower lows and lower highs. The focus is on 137-01+ next.. Resistance is at 137-29+.

MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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