30-Yr U.S. Treasury Bonds (US) Futures Technical Analysis – April 28, 2015 Forecast

June 30-Year U.S. Treasury Bonds posted a slight gain on Monday in limited price action. Volume was down and is expected to continue to remain below average today as many of the major players have taken to the sidelines ahead of tomorrow’s Fed announcement.

The main range is 154’27 to 166’27. Its retracement zone at 160’27 to 159’14 is the best support. Last week, a sell-off stopped at 160’31, slightly above the upper or 50% level at 160’27.

Another 50% level based on a major range is at 163’02. This price appears to be acting like a long-term pivot. This level stopped the market the last two days and is providing resistance in the pre-market session. Trader reaction to this level will set the tone for the day and perhaps the near-term.

The key Gann angle to watch today comes in at 164’03. Holding above this angle gives T-Bonds a slight upside bias. The next target is an uptrending angle at 164’03. This will put the market in an even stronger position. This could trigger further upside action into a resistance cluster at 164’23 to 165’00.

A trade below 162’19 will put T-Bonds in a weak position. The daily chart indicates there is room to the downside with 160’31 to 160’27 the primary downside targets.

Look for below average volume. A firm tone could develop over 163’02. A bearish tone under 164’03.