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 is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.
