Thursday, May 26, 2011

30 Yr. Treasury Future To Resume Uptrend?

Having broken through the Fibbonacci zone at 12416-124-20, it will now provide good support, as the long bond tries to complete it's move to the top of it's bullish channel near 126 and ultimately to the Fibbonacci resistance just under 127. As evidenced by the May 19th daily chart hammer, a support zone has been established at 12416-12420. The overnight action of today's session confirmed this. Dips into this area can be bought.

No comments:

Post a Comment