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(Z2)‌‌ Trend Direction Remains Down

US 10YR FUTURE TECHS
  • RES 4: 115-13+ Low Sep 7
  • RES 3: 114-31+ 38.2% retracement of the Aug 2 - Sep 28 bear leg
  • RES 2: 112-14/113-30 20-day EMA / High Oct 4 and the bull trigger
  • RES 1: 111-28+ High Oct 12
  • PRICE: 111-03 @ 11:43 BST Oct 17
  • SUP 1: 110-00 Psychological Support
  • SUP 2: 109-23+ Low Nov 30 2007 (cont)
  • SUP 3: 108-18+ 1.00 projection of the Oct 4 - 11 - 13 price swing
  • SUP 4: 108.14 3.0% 10-dma envelope

Treasuries breached 110-19 last Thursday, the Sep 28 low and bear trigger. This resulted in a break out of the recent consolidative range and confirmed a resumption of the downtrend plus maintains the trend sequence of lower and lower highs. The focus is on 110.00 where a break would reinforce bearish conditions. Initial key resistance is at 112-14, the 20-day EMA. Short-term gains would be considered corrective.

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