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(Z2)‌‌ Trend Needle Still Points South

US 10YR FUTURE TECHS
  • RES 4: 113-23 50-day EMA
  • RES 3: 112-22+ High Oct 6
  • RES 2: 111-28+ High Oct 12 and key near-term resistance
  • RES 1: 110-16+ 20-day EMA
  • PRICE: 110-03+ @ 11:36 BST Oct 22
  • SUP 1: 108-26+ Low Oct 21
  • SUP 2: 108-06+ Low Oct 2007 (cont)
  • SUP 3: 107.09 3.0% 10-dma envelope
  • SUP 4: 106-20+ Low Aug 2007 (cont)

Despite the recovery from Friday’s low, Treasuries remain in a downtrend. The extension lower last week confirmed a break of support at 110.02, the Oct 13 low and the psychological 110.00 handle. This marks a resumption of the primary downtrend and an extension of the bearish price sequence of lower lows and lower highs. The focus is on 108-20, a Fibonacci projection. Initial firm resistance has been defined at 111-28+, high Oct 13.

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