US 10-Years Note Under Microscope
Over daily basis we can see how the downside correction started from the recorded top at 128.00 and found good support at the last 76.4% correction around 118.00.
We can see trading currently sideways among 76.4% and 50% correction shadowed in yellow above.
The stability of 76.4% areas shows the possibility for a bullish technical pattern with the neckline at 121.40.
This proposed pattern alongside the strength of the mentioned correction supports the likelihood for the notes to resume the general upside move which stopped for the mentioned correction.
The SMA 50 supports the upside move towards the neckline while momentum indicators are in overbought areas restricting the move to completing the bullish pattern.
In general, we expect a short term upside move targeting 121.40 then extend towards 124.90, the full target for the pattern.
Breaching the support areas among 119.85-45 will drive the notes again towards 76.4% correction.
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