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Free Access(Z2) Vulnerable Despite Today’s Bounce
- RES 4: 115-13+ Low Sep 7
- RES 3: 114-31+ 38.2% retracement of the Aug 2 - Sep 28 bear leg
- RES 2: 112-20/113-30 20-day EMA / High Oct 4 and the bull trigger
- RES 1: 111-28+ High Oct 12
- PRICE: 111-12 @ 11:26 BST Oct 14
- SUP 1: 110-00 Psychological Support
- SUP 2: 109-23+ Low Nov 30 2007 (cont)
- SUP 3: 108.23 3.0% 10-dma envelope
- SUP 4: 108-18+ 1.00 projection of the Oct 4 - 11 - 13 price swing
Treasuries yesterday broke out of this week’s consolidative range, resulting in a break of 110-19, the Sep 28 low and bear trigger. The contract did recover from the day low. Despite the bounce, the breach confirms a resumption of the downtrend and maintains the trend sequence of lower and lower highs. The focus is on 110.00 where a break would further reinforce bearish conditions. Initial key resistance is at 112-20, the 20-day EMA.
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