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(Z1)‌‌ Bearish Risk Still Present

US 10YR FUTURE TECHS
  • RES 4: 133-12+ High Sep 22
  • RES 3: 132-21+ Low Aug 11 and recent breakout level
  • RES 2: 132-08+ High Oct 4
  • RES 1: 130-26+/30+ 20-day EMA / High Nov 5 and S/T bull trigger
  • PRICE: 130-20 @ 16:03 GMT Nov 18
  • SUP 1: 130-01+ Low Nov 17
  • SUP 2: 129-31 Low Oct 21 and the bear trigger
  • SUP 3: 129-03 50.0% of the Oct '18 - Mar '20 bull cycle
  • SUP 4: 128-17+ Low Jan 9, 2020 (cont)

Treasuries remain above recent lows but remain vulnerable following the sharp pullback on Nov 10 and the subsequent extension lower. The key short-term resistance is unchanged at 131-30+, Nov 5 high where a break is required to re-establish a short-term bull theme and open 132-08+, Oct 4 high. The bear trigger lies at 129-31, Oct 29 low. Clearance of this support would confirm a resumption of the primary downtrend.

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