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December Treasury Bonds Reach Critical Retracement Level

Posted, by Futureshound on October 15th, 2010

December Treasury Bonds have been under pressure since reaching a top at 135’12. The seven day break from this top reached a critical retracement zone overnight at 132’10 to 131’18. This zone is the 50%/61.8% correction of the 129’05 to 135’12 range.

In addition to this market reaching the retracement zone, the market is also testing an uptrending Gann angle at 132’05. Another uptrending Gann angle from the 124’22 bottom is at 131’22.

The key area to watch for possible buying is 132’10 to 132’05. This area is formed by a 50%/Gann Angle combination and could prove to be an attractive support zone for bullish traders. In pre-market trading, a test of 132’06 produced a slight technical bounce.

Authored by, Futureshound
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