30-Yr U.S. Treasury Bonds (US) Futures Technical Analysis – October 24, 2014 Forecast

December 30-Year U.S. Treasury Bonds traded lower on Thursday. The market straddled a key 50% level on the close. This could lead to a flat opening because with the main trend up, some buyers may step in to buy this value area, or short-sellers may try to press it into the Fibonacci level.

The main range is 135’13 to 148’00. The retracement zone that is currently being tested is 141’23 to 140’07. Last night’s close was at 141’23.

A pair of uptrending angles from previous bottoms come in at 142’03 and 141’21.

Because of the close proximity of the angles and the Fibonacci level, trading may be choppy at this area.

Look for an acceleration to the downside if 141’21 is taken out with conviction. This could lead to a break into the support cluster formed by an uptrending Gann angle and a Fibonacci level at 140’07.

The tone of the market is likely to be determined by trader reaction to 141’23. However, an upside bias will develop over 142’03 and a downside bias under 141’21.