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(Z2)‌‌ Bullish Outlook

  • RES 4: 115-14+ 50.0% retracement of the Aug 2 - Oct 21 downleg
  • RES 3: 114-17 High Sep 20
  • RES 2: 113-30 High Oct 4 and a key resistance
  • RES 1: 113-11 High Nov 16
  • PRICE: 112-16+ @ 11:19 GMT Nov 23
  • SUP 1: 111-25/110-12+ 20-day EMA / Low Nov 10
  • SUP 2: 109+10+ Low Nov 04
  • SUP 3: 108-26+ Low Oct 21 and the bear trigger
  • SUP 4: 108-06+ Low Oct 2007 (cont)

Treasury futures trend conditions remain bullish and the contract is holding on to the bulk of its recent gains. This month's gains resulted in a break of 112-14, the 50-day EMA. A continuation higher would strengthen bullish conditions and open 113-30, Oct 4 high and a key resistance. On the downside, initial firm support is at 111-25, the 20-day EMA. A break of this average would signal scope for a deeper retracement.

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