Treasuries continue to trade above key support at 111-29, the Dec 10 low and bear trigger. An early rally briefly topped the 112-19+ 50-day EMA before prices quickly reversed. This keeps the trend set-up bearish and a breach of 111-29 would confirm a resumption of the bear cycle. This would open 111-19 initially, a Fibonacci projection. On the upside, key short-term resistance is unchanged at 112-31, the Dec 18 high, where a break would undermine a bear theme and signal scope for a stronger recovery instead.
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