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(Z1)‌‌ Needle Still Points South

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: 131-07/131-19+ High Oct 27 / High Oct 14
  • PRICE: 130-20+ @ 20:26 GMT Nov 3
  • SUP 1: 130-07+/29-31 Low Oct 29 / Low Oct 21 and the bear trigger
  • SUP 2: 129-03 50.0% of the Oct '18 - Mar '20 bull cycle
  • SUP 3: 128-17+ Low Jan 9, 2020 (cont)
  • SUP 4: 128-05 Low Dec 30 2019 and low Jan 2 2020

Despite recent gains, the downtrend in Treasuries remains intact and today's rejection from the session highs reinforces this theme. MA studies are still pointing south highlighting a bearish risk. Furthermore, a downtrending price sequence of lower lows and lower highs remains intact. The bear trigger lies at 129-31, Oct 21 low. A break of would confirm a resumption of the downtrend. Key resistance is seen at 131-19+, Oct 14 high.

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