December 10-Year U.S. Treasury Notes closed higher, but after posting a lower-low. The move made 126’28.5 a new minor top. The short-term range is 124’26
December 10-Year U.S. Treasury Notes closed higher, but after posting a lower-low. The move made 126’28.5 a new minor top. The short-term range is 124’26 to 126’28.5. The retracement zone created by this range at 125’27.5 to 125’19.5 is the next downside target.
Daily December 10-Year U.S. Treasury Notes
T-Notes begin the session inside a steep uptrending channel. The upper end of the channel is 127’16. The lower end of the channel is 126’10. If T-Notes continue to trade inside this channel then look for a test of the May 1, 2013 top at 127’13 sometime between October 13 and October 20.
The market will begin to weaken if 127’16 fails as support. This could trigger a break into the retracement zone at 125’27.5 to 125’19.5, or a pair of uptrending angles at 125’18 to 125’16.
James Hyerczyk is a U.S. based seasoned technical analyst and educator with over 40 years of experience in market analysis and trading, specializing in chart patterns and price movement. He is the author of two books on technical analysis and has a background in both futures and stock markets.
